FIS (NYSE: FIS), a financial services technology firm, announced on Tuesday the launch of Worldpay’s Fraud Freedom, a new chargeback indemnification service designed for cryptocurrency brokers and exchanges. According to FIS, Fraud Freedom service helps crypto brokers and exchanges optimize payment conversion, and authorization rates while providing indemnification from Forter, an e-commerce fraud prevention provider.
“Fraud Freedom service helps cryptocurrency brokers and exchanges identify malicious actors throughout all points of the customer journey and prevent them from making fraudulent purchases, trades, or distributions of cryptocurrency.”
FIS further revealed that the service uses real-time learning from across Forter’s network to update its fraud models, helping organizations reduce the financial burden associated with fraudulent chargebacks. Shane Happach, EVP, Head of Global E-Commerce at Worldpay Merchant Solutions FIS, also stated:
“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.”
Michael Reitblat, CEO of Forter, then concluded:
“Working with Worldpay to bring Fraud Freedom to the cryptocurrency market lets us leverage the strength of our system in a potent arena for fraud, which, in turn strengthens our system with a broader array of payments data insights with a continuous feedback loop.”