CHICAGO | Braintree, the global payment platform behind the best next-generation online and mobile purchasing experiences — including Airbnb, Angry Birds, Fab, Hotel Tonight, TaskRabbit and Uber — today announced it has enhanced its payment platform with additional fraud protection for its merchants that leverages the purchasing behavior across a large network of online and mobile companies.
Now all Braintree merchants, from startups to enterprises, benefit from this powerful network effect that shields them from a variety of threats, reducing the risk of fraudulent activity and losses to their business.
By analyzing purchasing activity from thousands of online and mobile retailers, Braintree creates rules that take into account hundreds of variables across the network for merchants to apply to their business. Braintree goes beyond looking at a customer's purchase behavior at a single merchant by analyzing purchasing behavior across a large number of merchants. With these insights, Braintree can accurately recognize fraud and take appropriate actions.
"Our experience in processing more than $10 billion of online and mobile commerce annually has given us the data and expertise needed to deliver comprehensive tools that further protect our merchants and stop fraudsters," said Bill Ready, CEO, Braintree. "Fraud is not a problem limited to large merchants. Our goal is to provide startups everything they need to grow and scale, including fraud protection."
Historically, startups and smaller merchants have struggled to keep up with rapidly changing fraud threats due to a lack of dedicated resources and expertise. Large enterprises spend massive resources in the form of time and money to protect themselves from fraud—cutting into already tight profit margins. With this enhancement, Braintree is delivering incredible savings to large retailers while democratizing access for startups to sophisticated fraud tools used by some of the world's best-known brands.
"We recently encountered a distributed attack from fraudsters who used a database of stolen credit cards on our site. This incident highlighted that we needed a much more robust solution than we had in place with our previous provider, particularly as our business is rapidly growing," said Vlad Gurgov, CTO and co-founder of Virool. "Braintree's payment platform will help us manage fraud without dedicating resources or integrating with a third party. We're confident we have the right partner to help us recognize fraudulent activity and take action immediately, so we can focus on our business."
Fraud Tools are now available to all Braintree merchants at no additional cost. To learn more visit: www.braintreepayments.com/fraud-protection.
A catalyst for the next-generation of commerce, Braintree provides the easiest way to pay and get paid across any device. Braintree's global payment platform processes more than $10 billion annually (with more than $2 billion on mobile) for thousands of online and mobile commerce innovators including Airbnb, Fab, LivingSocial, OpenTable and Uber. Merchants in more than 40 countries throughout North America, Europe and Australia can accept payments in more than 130 currencies using Braintree. Today, Braintree powers single-click purchasing for more than 40 million consumers and its top-rated mobile app, Venmo, gives people an easy way to pay using their mobile device. To learn more, visit Braintree at www.braintreepayments.com and on Twitter @braintree.
Press Release sourced from PRNewswire, Sept. 5, 2013