April 20, 2018
April 18, 2018
WePay offers integrated payment solutions to software platforms and businesses to enable them to sell to merchants while owning merchant relationship and experience. WePay has a non-traditional business model, so risk and compliance are a large part of the value that WePay provides to its partners.
“We want to remove friction from the payment experience, meaning we collect less information about the transaction. ThreatMetrix helps us supplement our knowledge with passive intelligence that is highly predictive of risk.”
WePay accepts liability for fraud and risk while partners can white label payment services to offer a more streamlined brand experience. With ThreatMetrix, WePay can:
Cybercriminals are continually looking for new ways to infiltrate global digital businesses. They are more adept than ever at posing as legitimate users with the easy availability of stolen identity credentials on the dark web. Traditional methods of identity verification have become virtually ineffective as complete identities are available for sale, or can be stitched together from previous breaches.
New businesses, niche and alternative finance providers and businesses processing multiple payment transactions are key targets, as fraudsters attempt to capitalize on chinks in security defenses. In order for WePay to accept the fraud and risk for its partners’ online payments, it had to build a robust fraud and security platform that was able to detect anomalous or high-risk behavior before transactions were processed.
Relying simply on data from partners or merchants did not give WePay the detail it needed to protect against:
WePay was keen to ensure that its fraud and security solution did not unnecessarily disrupt the payment process for either merchants or end users but provided a seamless brand experience end-to-end. The ThreatMetrix solution passively authenticates transactions in real time using intelligence from the ThreatMetrix Digital Identity Network, eliminating unnecessary friction.
“ThreatMetrix was the partner we were looking for. Not only does it have robust fraud prevention capabilities but it delivered these to us in such a way that we were able to integrate data in our own risk engine and machine-learning models.”
The ThreatMetrix solution is underpinned by the Digital Identity Network, which harnesses global shared intelligence from millions of daily consumer interactions including logins, payments and new account applications. Using this information, ThreatMetrix creates a unique digital identity for each user by analyzing the myriad connections between devices, locations and anonymized personal information. WePay could understand the complete context of every transaction so that suspicious behavior was detected in real time.
Digital Identities are created by combining the following key intelligence:
WePay’s business innovation in the payment services space has been supported by the following key ThreatMetrix capabilities:
“ThreatMetrix provides us with the data, insights and visibility we need in order to make instant, informed risk and underwriting decisions.”