The Traction Five: Cybersecurity – eCommerce Fraud Prevention

eCommerce Fraud Prevention

With eCommerce accounting for almost 20% of global retail sales, the risk of fraud associated with online payment methods has risen significantly, with an estimated $20B in global losses in 2021 due to fraudulent activity. Thus, it is paramount that companies with an eCommerce presence invest in robust fraud prevention software.  Cybersecurity startups have made major advancements in this area, utilizing innovative technologies like machine learning, global data networks, and identity management to thwart fraudulent efforts.

At the core of what we do is help our clients accelerate digital transformation projects and their corporate development, whether that’s through our SaaS application or research services that evaluate what we call “enterprise-ready” emerging technologies. Discovering technologies that solve our clients’ most challenging needs, we come across many early-stage companies that surprise and delight us. Here are a few who have developed game-changing technologies in the area of eCommerce Fraud Prevention that we think are worth sharing and keeping an eye on:

This week’s Traction Five:

1 Forter: Forter is a software as a service (SaaS) company that provides fraud prevention technology for online retailers and marketplaces.  Forter provides fully automated, real-time Decision as a Service fraud prevention, with approve/decline decisions backed by a 100% chargeback guarantee. The system eliminates the need for rules, scores or manual reviews, making fraud prevention friction-free.

2 Seon: SEON is an online fraud prevention platform that detects and stops fraud in real-time through transactional data analysis. It evaluates a user’s digital footprint and uses that data to block false accounts and ultimately prevent fraudulent transactions.  It can help to prevent chargeback fraud, money laundering, account takeover, reversed payment, and other fraud attempts and attacks.

3 Fraugster: Fraugster has developed one of the most accurate AI-based compliance, risk and fraud management and revenue uplift platforms in the market.  It offers Fraud Management SaaS, chargeback protection, ATO protection, and Fraud Decisions as a Service which assigns Fraugster experts to directly manage a company’s risk based on their SaaS platform.

4 FiVerity: FiVerity's solution strengthens fraud detection by integrating intelligence across anti-fraud and cybersec teams, existing vendors, and real-time marketplace activity.  FiVerity applies advanced automation and a proprietary “human-in-the-loop” model to identify SIF (synthetic identity fraud) profiles – at the account opening stage or in your existing customer portfolio.

5  Sift: Sift dynamically detects and prevents fraud using advanced, real-time machine learning and massive data sets.  Their shared learning approach involves billions of events each month from a global network of 34,000 sites and apps which helps with over 5 million fraud decision each month.  Their payment protection product fits into a holistic digital trust suite of complementing products such as passwordless authentication, content integrity, dispute management, and account defense.

How can Traction Technology help?

Traction Technology is a ground-breaking platform engineered expressly to eliminate internal innovation silos, thereby enabling enterprises to seamlessly collaborate and align their business needs with promising technologies. By providing dynamic features that promote collaboration and innovation, they aim to accelerate digital transformation in the enterprise.

Here's how Traction Technology can help:

Discovery of Relevant Startups: Traction Technology helps established companies discover relevant advanced technologies aligned with their strategic goals and innovation areas. It curates startups based on different industries, technology trends, and areas of business interest, making it easier to find potential partners or investment opportunities and share this information across the enterprise.

Collaboration and Engagement Tools: Traction Technology offers tools that help manage the engagement process with startups. It provides a structured approach to evaluating, tracking, and managing interactions with multiple startups across multiple project and pilots, improving efficiency and collaboration.

Data-Driven Insights: The platform provides data-driven insights to help make informed decisions. This includes information on startup funding, growth indicators, customers and competitors, which can help in assessing potential startup partnerships.

Innovation Pipeline Management: Traction Technology aids in managing the innovation pipeline. It helps companies capture ideas and request and track innovation projects, monitor progress, and measure results in real time, promoting a culture of continuous innovation.

Track KPIs and Generate Custom Reports: Effortlessly track Key Performance Indicators (KPIs) with real time dashboards and generate custom reports tailored to your organization's unique requirements. Stay

ahead of the curve by monitoring projects progress and engagement.

By leveraging a platform like Traction Technology, established companies can gain a competitive edge, driving their digital transformation journey and adapting to the fast-paced business environment. It supports the integration of startup agility, innovation, and customer-centric approach into their operations, which is critical for success in the digital age.

About Traction Technology 

We built Traction Technology to meet the needs of the most demanding customers, empowering individuals and teams to accelerate and help automate the discovery and evaluation of emerging technologies. Traction Technology speeds up the time to innovation at large enterprises, saving valuable time and money by accelerating revenue-producing digital transformation projects and reducing the strain on internal resources, while significantly mitigating the risk inherent in working with early-stage technologies.

Let us share some case studies and see if there is a fit based on your needs.

‍Traction Report Update: 23 ways AI could  transform your business in 2023. 

For more information

●     Explore our software and research services.

●     Download our brochure: How to Evaluate Enterprise Startups.

●   Watch a demo of our innovation management platform and start your free trial.

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