MANGOPAY has acquired AI fraud detection and prevention company Nethone to develop and deliver anti-fraud solutions designed specifically for marketplaces. With online fraud rates rising, this solution will enable any type of platform to transform the threats and challenges posed by malicious activity into accurate and profitable business decisions.
Marketplaces account for more than two-thirds of global e-commerce transactions, making them a prime target for fraudsters. As third-party intermediaries, the platforms are even more vulnerable to fraud than classic digital commerce. To better detect and prevent threats in real time, as well as predict future patterns of increasingly sophisticated malicious activity, platforms need enhanced security features with more data-focused capabilities. MANGOPAY and Nethone have created the market’s first fraud prevention solution built specifically for platforms and marketplaces.
Transform threats into accurate and profitable business decisions
Nethone’s proprietary machine learning-based solution incorporates behavioral data collection, hardware, software and network intelligence, as well as behavioral biometrics to enable platforms to make informed decisions and secure every point of the journey. user journey, both on mobile and on a computer. With a wide range of mobile-specific attributes analysed, this is a highly accurate solution for identifying fraudulent activity within the growing number of transactions carried out on mobile devices. Based on Nethone’s current use cases, this solution:
- It will allow the platforms to operate in a secure environment, preventing more than 95% Account Theft (ATO), reducing fake accounts, fraud rates, chargebacks and unauthorized transactions;
- You will support business growth by unlocking upsell potential, increasing conversion rates by 9% and approval rates by 26%, as well as reducing false rejections due to possible fraud;
- It will allow to build an operationally efficient and scalable platform reducing the manually reviewed traffic by 60% through automation.
Enhancing MANGOPAY’s payment authentication and seller onboarding capabilities with deeper “Know Your User” intelligence protects marketplaces from sophisticated fraud and abuse, while offering their buyers and sellers a seamless experience. frictions. The collaboration between MANGOPAY and Nethone already allows the platforms to improve conversion rates thanks to the optimization of payment transaction scoring, better management of 3DS2 exemptions and validation of identity checks.
Romain Mazeries, CEO of MANGOPAYcomments: «Every platform must have a deep understanding of its users in real time throughout their customer journey to reduce fraudulent activity. We are delighted to welcome Nethone into the family to offer a unique set of anti-fraud capabilities on top of our existing infrastructure. This is a key step in our mission to provide markets and platforms with the best solutions to fuel their success.«
«We are very happy that Advent International becomes our new majority investor and therefore to be part of the rocket that is MANGOPAY.«, underlines Hubert Rachwalski von Rejchwald, CEO and co-founder of Nethone. «In the future, in addition to accelerating Nethone’s dynamic expansion in accordance with our independent business plan, we will work on the huge potential identified among the more than 2,500 customers of the MANGOPAY platform. Together we will push our unique ‘Know Your User’ technology and further refine it to be the best industry-specific solution.”
Nethone will continue to serve companies around the world, under the leadership of its current CEO and co-founder, Hubert Rachwalski von Rejchwald, who joins the MANGOPAY Executive Committee. The company aims to become the best-in-class anti-fraud platform to prevent fraud in online payments and protect the entire user process, from registration to use of the service.