If you are like virtually any other B2C company out there, your face will cringe when I say one word: fraud.
It’s been an increasingly frustrating state of consumer businesses as the world grows to more and more Internet users and digital goods consumption. Taking a few dollars from wide audiences is a task not for the faint-hearted — security checks, insufficient funds, expiring cards, blocked payments. And as if it’s not enough, stolen cards come into play.
Online credit card fraud has been a perpetual issue. Merchants are especially vulnerable because after serving the order and facing a dispute on it, they are virtually forced to give up. This is because all payment gateways can do is to pass evidence info to the cardholder’s bank.
Yes, a merchant is left at the mercy of a bank who’s only interest is to retain relationship with their customer.
No wonder disputes are piling up in B2C finance analytics teams’ queues. It’s not only cost-prohibitive to manually submit evidence documents for $5 disputes, it doesn’t make much sense to fight even for hundreds dollars + chargeback fines. Most companies we’ve talked to just say goodbye to the money if the cardholder took the trouble to fill a dispute form (for whatever reason).
Good news, that may be coming to an end.
We pinpoint fraud by building behavioral signals from across 100,000+ global companies. (Even if a card is new to your business, there’s an 80% chance it’s been seen before on the Stripe network.)
Since Radar taps into Stripe’s existing network, you instantly benefit from the already collected data. It takes patterns to recognize fraudulent behavior and it takes other businesses’ data to flag stolen cards.
Stripe’s intention is clear: if they can’t help much to win funds you earned, they can at least minimize the chance you’ll accept a stolen card.
It’s obvious that this one aspect of Stripe Radar has something that no analytics team is able to provide. Human behavior becomes predictable with volume, but there’s no reason you have to suffer your way to it through your own scale. Stripe Radar should have you covered from customer one.
Combining all Stripe merchants’ purchase behavior intelligence is easily the biggest thing Stripe did in years. Yes, we think it’s bigger than even Atlas.
Oh, and Stripe enables you to handle disputes automatically. Boom!