Perseuss Community Launches Reputation Score to Fight False Rejections
In addition to Perseuss' well-known risk score (providing information on how risky a transaction is), Perseuss will now also indicate the trustworthiness of transactions. This will not only help companies prevent fraud, but also decrease the amount of false positives and increase the conversion.
Back in the day, when data sharing was not as common as it is today, Perseuss was founded by a community of merchants suffering from fraud issues. For more than ten years, merchants in different industries have been sharing their transaction and fraud data. The traditional Risk Score allowed them to check incoming transactions against confirmed fraud and use the outcome to block suspicious transactions.
Now, Perseuss expands the tool's features. The Reputation Score was created to face the challenge of blocking fraudulent transactions while avoiding the risk of rejecting good transactions. According to Perseuss' Community, false positives are increasingly problematic: most merchants estimate that up to 10% of the orders they declined, should have been approved. The costs might just as well outshine that of the actual fraud: you will not lose just the value of a particular order, but also the sales and marketing investments. And don't forget the revenue an average customer could generate for a company over time. By rejecting a legitimate order, the life time value of loyal customers decreases significantly.
The recently launched scoring makes it possible to not only learn how risky a transaction is, but also how trustworthy. This is possible by applying Perseuss' AI-based fraud detection algorithms that are powered by over 3.2 billion data elements. At least 80% of the customers checked by members, are known in the database. That enables giving a positive recommendation if the extensive consortium data indicates a transaction is legitimate. When you are about to reject a suspicious customer that you have never seen before, using the reputation score you could simply check if they have tried to buy with other merchants and if they were related to fraud.
Maarten Alleman, CEO at Perseuss, explains: "We are happy the community decided to take on the false positive challenge: with the Reputation Score they will significantly increase their bottom-line results. By simply cooperating and sharing data, companies will decrease chargebacks, the size of the review queue and stop rejecting good customers."
For more information about Perseuss, please see: https://perseuss.com/
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