Stripe Uses AI to Help Prevent Fraud
What is Stripe?
Stripe is the payment service that handles every payment transaction on the EVAN network. As part of our commitment to protecting our customers financial and personal information, we selected Stripe because they are a leader in payment verification and maintain the highest levels of certification and reliability in their industry. For all the technical nitty-gritty of what Stripe does, you can read about their security features here. As you’ll see below, Stripe continues to provide advanced technical features that our small business is excited to pass along in support of your small business.
Unfortunately, every business accepting any form of payment will encounter fraudulent activity from time-to-time. Stripe’s recent release of their fraud detection software, called Radar 2.0, has cut down fraudulent transactions across their platform by 25 percent through the use of machine learning (a simpler version of AI).
Put simply, Stripe is able to train Radar to identify fraud by learning from the hundreds of billions of past transactions on the Stripe network. The ability for computers to analyze patterns rapidly and make predictions based on a core set of parameters (i.e. what is fraud?) is at the heart of this technology. The more data Radar receives, the more precise it can be, so this programming becomes more accurate each day.
Some of the benefits that EVAN and other Stripe partners will see immediately are:
- Much faster fraud reviews
- Custom rules with real-time feedback of their impact
- More configuration options like risk tolerance and custom allow/block lists
- More reporting features and advanced analytics of the detection applied to your business
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