Debut Initiative Combines AI and Proprietary Technology to Combat Fraud andIncrease Transaction Approvals
Credorax, a leading technology company turned licensed European bank, today unveiled the Credorax Innovation Lab. Designed to solve online payment issues faced by merchants, the Innovation Lab works with partners to develop solutions which utilise the power of AI, data science, payment fraud prevention techniques and technologies.
“The Credorax Innovation Lab leverages our fintech roots to address customers’ evolving payment processing issues,” said Moshe Selfin, COO/CTO of Credorax. “By combining our expertise with innovative online commerce partners, we can solve complex issues such as ensuring fraud protection without slowing transaction approval speeds,which causes consumers to abandon their carts. We are focused on delivering a great experience to e-commerce merchants and consumers through the full life cycle of a transaction.”
In its debut project, the Innovation Lab partnered with e-commerce anti-fraud solution provider Fraugster to help a Credorax customer eliminate fraud while increasing conversion rates. The team ultimately developed a solution based on AI and behavioral intelligence that helped a Credorax merchant increase approval rates by 5%, save 200,000 Euros on chargeback-related fraud cost savings, and increase revenues by 9% in just three months of deployment.
The growing use of mobile and social channels as well as the proliferation of new products and business lines present ever increasing segments of risk. In fact, fraud perpetuated through remote channels is seven times more problematic than in-person fraud, according to LexisNexis. Credorax has dedicated significant human and financial resources to its Innovation Lab in order to help its customers address these and other payment transaction complexities, and continues to innovate in this space to power global cross-border e-commerce.