Smart fraud detection with MYFUNDBOX and Stripe Radar
Fraud costs merchants more than an estimated $20 billion every year. But beyond that sky-high number are all the ancillary impacts that fraud can have on a business: increased customer churn, lower credit card authorization rates, network and operational costs, and damage to the brand due to customers being incorrectly flagged as fraudsters. To stay competitive, businesses need to detect fraud without compromising customer experience, and use modern strategies to detect, flag, and resolve fraud in real-time.
That’s why we’re partnering with Stripe to offer machine-learning powered fraud detection with Stripe #Radar. Radar uses Stripe’s #globalnetwork of customer data and billions of payment data points so that you can make real-time decisions about potentially fraudulent purchases and start protecting your customers and business right away.
Radar is fully integrated with the Stripe platform so that fraud detection comes built-in—#nocode required. You can start protecting against #fraudulent activity right away without the need for any additional integration time or dedicated engineering resources. Radar is a smarter fraud detection platform built to protect your business, your customers, and your bottom line. You can expect reduced operational cost, a lower cost of fraud overall, and lower dispute rates. In fact, Stripe decreased disputes by 26% for businesses using Radar.
For #enterprise-scale businesses or organizations with complex fraud-detection needs, Stripe Radar for Fraud Teams is a customizable solution that allows organizations to set custom rules, assign risk thresholds, and glean insights and performance metrics from a single, unified platform. Radar for Fraud Teams even lets organizations see how likely it is they’ll win a transaction dispute, #savingtime and money for their fraud teams.
Stripe Radar and Radar for Fraud Teams both provide comprehensive protection against fraud using Stripe’s global network of data points to make decisions about fraudulent behaviour. When a business using Stripe sees a card for the first time, there’s an 89% chance that the card has been used elsewhere on the Stripe network in the past, and those previous encounters with a card offer a significant amount of data to inform our risk assessments. That’s what fraud protection looks like on Day 1 with Stripe Radar and Radar for Fraud Teams.
To learn more about how MYFUNDBOX Subscription Billing and Stripe can help you start protecting your company against fraud, visit our landing page or connect with our sales team through live chat here.
