PayPal just launched Fraud Protection Advanced, a suite of fraud management tools designed to protect mid-size and enterprise customers from the rise of digital fraud, per PYMNTS. Digital fraud involves scammers using online channels to steal personal information, which they use to their own advantage. According to PayPal, the service includes payment authentication via fingerprints gathered from users’ mobile devices, machine learning, and analytics to help businesses identify, investigate, and mitigate fraud transactions.
PayPal’s launch comes as digital fraud surges in light of the coronavirus pandemic:
PayPal’s fraud management tools can help maintain merchant relationships by minimizing their financial risk. Ecommerce is expected to continue its growth trajectory from 2020: Online sales are expected to grow 13.7% year over year (YoY) in 2021, according to eMarketer forecasts from Insider Intelligence. PayPal can use its new tools to help merchants get in on the action—building PayPal’s total payment volume, which grew 36% YoY in Q4. PayPal’s offerings incorporate next-generation technology solutions like biometrics and machine learning, which lets merchants more accurately authenticate transactions and minimizes the risk of chargebacks, which can be costly and time-consuming to settle. Implementing these new fraud management tools can help merchants protect consumers’ personal information—letting them maintain good relationships with their customers, which, in turn, helps PayPal strengthen its own relationship with merchants.