Raise Marketplace LLC, the leading mobile payments and prepaid gift card company, today announced the launch of rZero (pronounced “R zero”), a new risk minimization service that prevents digital fraud including account takeover, fraudulent accounts and payment transaction fraud, protecting corporations from potential losses due to counterfeit activity. As more payment systems convert to operating in the digital marketplace, they become more vulnerable to fraud, with consequences for both merchants and consumers. About 77% of U.S. merchants have been a victim of payment fraud and 54% of consumers have experienced fraudulent attempts to use their credit card or other payment information.
Raise Marketplace’s rZero technology is already in use in the Raise, Slide and GiftCash mobile apps and websites and starting today, it is available to help other companies in need of anti-fraud software. The service uses artificial intelligence and unique swarming algorithms to analyze whether an impending transaction is fraudulent and differentiates whether an account has been compromised or not. rZero’s collection of artificial intelligence bots are resistant to adversarial modeling, which is often reverse-engineered by fraudsters in traditional fraud detection systems. Once installed, rZero either automatically rejects or flags potential fraud to team members for review.
rZero’s technology can drastically decrease the fraudster attack rate, preventing attacks nearly 100% of the time—ensuring only good transactions move forward to generate growth. It detects and prevents three times as much fraud as competitor products in the digital fraud prevention space.
“Our team of engineers with deep anti-fraud experience have built a best-in-class fraud solution that will help any company with a digital presence prevent risk,” said Jay Klauminzer, CEO of Raise Marketplace LLC. “Billions of dollars are lost to fraud each year and we see incredible value for rZero to protect businesses big and small across industries, from e-commerce to finance.”