AMSTERDAM – Adyen, the fast growing Dutch provider of internet and mobile payment solutions, today launches the Risk Analytics tool, allowing online retailers to optimize the balance between preventing fraud whilst allowing good-faith customers.
For many retailers, the optimization of anti-fraud settings is a profession in itself that requests a lot of attention, analysis and patience. If settings are too rigid, many willing customers will be denied at the gates resulting in a loss of revenue. If settings are too broad, the damage caused by fraudulent shoppers can grow enormously. Finding the right anti-fraud settings, i.e. the balance between risk and return, is therefore an important daily activity in the back office of many Internet retailers.
Adyen's Risk Analytics tool provides much more detailed insight into where fraud is originating from. It shows the countries with high fraud figures as well as countries where fraud is really low. The new fraud analysis tool of Adyen constantly analyzes the impact of the current fraud -settings and suggests alternations that can generate more revenue. The ‘What-if’ analysis gives retailers a real-time insight into the possible consequences of these alternations. Previously this process was based on trial and error, by which new settings first needed to be tested for a longer period of time.
With this approach Adyen wants to achieve a balance between rigorous checks with onlinepayments and the unintentional rejection of serious customers (“false positives”). The difference between the system of Adyen and more traditional fraud prevention-tools is that many existingtools want to prevent fraud at any cost.
Roelant Prins of Adyen says:”You do not want to refuse your regular good faith customers. Our new Risk Analytics tool provides our customers with much more detailed insight into actualfraud patterns and recommendations on how to change the settings of the fraud tool. Depending on the used business model, perhaps the retailer wants to accept more fraud when this yields much more revenue. Though the latter obviously works better with, for example, online services than with expensive cameras.”
Aad Verveld, CFO of Emesa, parent company of among others Aladoo.de, is very pleased with the intricate way Adyen can adjust the fraud settings. The company had been facing an increasing number of credit card-transactions which later proved to be fraudulent . In close cooperation with Adyen the platform was configured in such way that fraud decreased significantly, without a negative impact on the number of ‘false positives’ and the conversion.“Now we have a much better insight in the “authenticity” of transactions, and thanks to the Adyen-platform we can intervene more quickly when incidents occur.”
Mr. Hiemstra, Manager Webstore at Scotch & Soda, also applauds Adyen’s approach againstonline payment fraud. “Their platform and reporting tools help us to quickly detect the majority of fraudulent activities. We have also seen situations in which Adyen has shown a veryproactive attitude to make us aware of divertive patterns that they’d detected. ”
Adyen is the leading provider of global Internet payment solutions for large international merchants. Adyen’s innovative Internet Payment Solution, built on 10 years of industry experience, enables merchants to significantly increase online conversion by optimizing the payment process. This “one-stop” solution can be seamlessly integrated with a company’s e-commerce shop. It can be implemented within days and connects companies to global customers through a growing range of payment methods. More than 1,500 clients globally relyon Adyen. The company provides customers such as booking.com, KLM, PopCap Games, Spilgames, and Vodafone with the highest level of security. To learn more, please go to www.adyen.com.