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Today, digital solution provider Pactera Edge announced it would be launching its new digital fraud protection solution at the Merchant Risk Council (MRC) Vegas Conference, which began yesterday.
Pactera Edge’s platform uses real-time intelligence and machine learning models to detect fraudulent transactions, and offers enterprises a range of capabilities including purchase protection, account protection, and loss protection to help control risks related to online fraud.
The company offers enterprises a solution for mitigating the risk of online fraud, using AI to detect fraudulent transactions and prevent criminals from being able to make fake purchases.
“Our Digital Fraud Protection Solution uses adaptive AI technology to spot and prevent ecommerce transactional crimes from taking place,” said Pactera Edge CEO, Venkat Rangapuram, “In addition to preventing revenue and repetitional losses from such breaches, our platform also improves business intelligence and operational efficiencies for our customers. It’s truly a game-changing platform.”
The announcement comes as fraud remains a persistent issue for enterprises, with researchers estimating that retailers lost upwards of $20 billion in 2021 due to online fraud.
The race to fuel fraud protection with AI
Pactera Edge is part of the expansive global ecommerce fraud detection and prevention market, which researchers estimated to be worth roughly $28 million in 2020, and predict will climb upwards of $69 million by 2025 as more organizations look to get to grips with the threat of fraud.
The organization is competing against a number of ecommerce fraud protection solution providers, including Signifyd, which offers organizations a commerce protection platform that uses threat intelligence data to block emerging fraud attempts, raised $205 million as part of a funding round last year, and achieved a valuation of $1.34 billion.
Another competitor is Riskified, an ecommerce fraud management platform, which uses an automated decisioning engine to identify fraudulent transactions, and most recently raised $165 million as part of a series E funding round in 2019.
At this stage, Pactera Edge is hoping to rely on the expertise of its team, and the quality of its real-time intelligence and machine learning models to differentiate itself from competitors.
“This human-in-the-loop approach makes it possible for AI-powered platforms to detect, prevent and resolve digital fraud events accurately and faster, in turn reducing financial loss and bolstering consumer confidence,” said Vasudevan Sundarababu, senior vice president and head of digital engineering at Pactera Edge.
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