Today, the Programmable Stripe Financial Services Company has announced the expansion of the radar, the AI Frauding Product, for the ACH and SEPA payments.
The radar evaluates more than 1,000 features of a possible transaction to determine, in less than 100 milliseconds, the probability of being fraudulent. On average, radar users see a 42% reduction in SEPA fraud and a 20% reduction in ACH fraud.
Ben Winfield, radar product manager, commented:
“In the last year, we have seen a 40% increase in non -card payment volume in the lane. Now, we are expanding protection against radar fraud on ACH and SEPA payments.
Xero, Jobber and Freshbooks are already using the new Radar models.