WiPay has partnered with Fraudio, a Dutch security technology company renowned for its cloud-native, centralised, AI-powered, payment-fraud detection system, that is secure, scalable and future proof.

Fraudio technology is providing WiPay’s payment ecosystem with intelligent fraud management.

In a release, WiPay said it continues to place significant focus on security and fraud prevention as it continues to grow its user base and expands into new markets.

“As a technology leader in the space, we accept that innovative technology brings new opportunities as well as threats,” said Aldwyn Wayne, CEO of WiPay.

“Cybersecurity has always been at the forefront of all of WiPay’s solutions. Fraudio adds an additional layer of protection for our customers and our customers’ customers. This investment is just another of our proactive steps that WiPay has taken to ensure the safety of our platform.“

According to ACI Worldwide Global Consumer Fraud Survey, credit card fraud in the Caribbean is on the rise.

The 2021 Nilson Report Newsletter, which is among the most trusted sources of global payment statistics, estimates that the world lost US$31.67 billion to credit and debit card fraud. The Caribbean is a fraud hotspot due to the high influx of tourists, to the extent that the United States Department of State Bureau of Diplomatic Security listed credit card fraud and cybersecurity breaches as an issue to take into consideration when travelling to certain Caribbean destinations.

“Of all the technologies that we researched, Fraudio took fraud prevention a whole step further by employing artificial intelligence. Any technology that WiPay invests in is assessed on at least four components: functionality, scalability, adherence to industry standards and future roadmap,” said John Mollenthiel, CSO at WiPay.

“Fraudio checked all the boxes. Their use of artificial intelligence to detect fraud by both consumers and merchants, offered a level of sophistication that we had not seen with other fraud prevention solutions. Our merchant and consumer footprints are growing rapidly, so investing in a technology that could learn and move beyond human limitations is a demonstration of WiPay’s commitment to protecting its customers.”

WiPay, a Caribbean online payment facilitator, currently serves tens of thousands of merchants with hundreds of millions in processing annually. WiPay is currently in Trinidad and Tobago, Jamaica, Guyana, St Lucia, Barbados and Grenada.

The company designs and develops financially inclusive payment solutions that address the key payment challenges facing governments, organisations and businesses of all sizes.