FIS has introduced Fraud Freedom, a chargeback indemnification service for cryptocurrency brokers and exchanges.
The new service is launched through FIS’ Worldpay business in collaboration with e-commerce fraud prevention firm Forter.
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Fraud Freedom will provide cryptocurrency brokers and exchanges indemnification for fraud-related chargebacks. It will also help in identifying suspicious activity and prevent fraudulent purchases, trades or distributions of cryptocurrency.
The solution utilises artificial intelligence as well as real-time learning from across Forter’s network to identify threats.
According to the company, the use of Fraud Freedom will help organisations reduce financial burden associated with fraudulent chargebacks. It also automates transaction review reducing operating costs.
FIS Worldpay EVP and Merchant Solutions Global eCommerce head Shane Happach said: “The cryptocurrency market is growing rapidly, which is exciting to see, but the reality is that it is a high-risk sector for fraud that demands innovative solutions.
“By combining with Forter’s market-leading network- and AI-based fraud prevention system, FIS can help its cryptocurrency clients shift from a niche market to the mainstream while maintaining high standards of security.”
According to the company, the cryptocurrency market witnessed a 600% increase in crypto-based trading volume last year.
The present Covid-19 crisis further gave a boost to consumer trading volumes in the cryptocurrency marketplace.
