Fraugster Entering e-mobility Boom by Partnering with Elvah

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Fraugster
Mar 10, 2022
Member News

Berlin and Amsterdam, 09 March 2022 - Fraugster, a payment intelligence company, has partnered with e-mobility innovator elvah to provide a comprehensive managed service risk solution. This collaboration allows elvah to access compliance, chargeback protection, risk management solutions and credit scoring through one AI platform and integration.
Fraugster will support elvah to detect friendly fraud, identity theft, and abuse by enriching AI data for accurate, real-time decisions through a single integration to protect against fraud and improve customer experience and revenue.

elvah’s charging solutions address a current megatrend of consumers adopting electric vehicles. In 2021, new registrations of all-electric, battery-powered cars (BEVs) doubled to 4.5 million worldwide. According to the EY Mobility Lens Consumer Index, more than 40% of people worldwide who want to buy a new car are considering an electric car. This trend is supported by the expansion of charging networks. A key challenge that drivers face is that there are several charging providers - all with different billing systems which leads to frustration and uncertainty. elvah is uniquely positioned to offer convenient access to all public charging stations in Germany as well as in 30 other countries. Provider-independent and completely digital in one app with different subscription models.

elvah CEO, Gowry Sivaganeshamoorthy says, “Fraugster is the perfect partner allowing our teams to focus on our core business to provide the best possible service to our customers, without worrying about risk management. They offer an easy-to-integrate solution that meets all our risk requirements.”

Fraugster CEO, Christian Mangold states, “We are thrilled to support elvah, a fast-growing company, with our scalable fraud prevention solutions and enter the booming e-mobility market.”

About Fraugster
Fraugster is a Berlin based payment intelligence company. Fraugster enables the world's leading merchants, global payment companies like Worldline and Ratepay to intelligently manage the impact of fraud to minimize the costs of fraud, maximize revenue and improve customer experience. Fraugster has developed one of the most accurate AI fraud prevention solutions in the market and is backed by leading deeptech investors Earlybird, Speedinvest, CommerzVentures and Munich Re Ventures. Further information can be found at https://www.fraugster.com/

About elvah
elvah is a fast-growing company founded in 2021 that offers its customers a straightforward charging solution by providing provider-independent and convenient access to all public charging stations in Germany and more than 30 other countries. By choosing their preferred subscription model, customers can pay for their charge and completely digitally in an app. https://www.elvah.de/

For further information please contact:
pr@fraugster.com


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The fraud prevention industry is peppered with hundreds of vendors who mainly solve for third-party identity theft fraud. Some vendors branch out into synthetic fraud, including manipulated or fabricated identities, yet very few vendors tackle first-party fraud. First-party fraud is defined as the use of one’s own identity to open an account and use it to commit a dishonest act for personal or financial gain. It remains an elusive problem because there are no consumer victims in chargebacks, disputes, or overdraft fraud. Moreover, when it comes to the granular semantics of first-party fraud, different opinions start to clout the agreed-upon definition, making it difficult to classify, pinpoint, and ultimately combat these dishonest acts. 

Join this session to hear from industry experts about: Where do manipulated identity or rewards gaming abuse fall on the spectrum between first-party and synthetic fraud?  How do these categorizations differ by industry? In what ways do our assumptions around these semantics turn into ineffective proxies for first-party fraud?  How can we differentiate between a consumer’s intent to commit a dishonest act, versus a consumer who was manipulated into a dishonest act, versus a consumer making an honest mistake? 

The key is context. We need to understand a consumer’s act in context of other financial decisions they’ve made across various life stages, across different financial institutions, and across various economic environments. Behavioral anomalies across time and space will serve as better proxies in determining whether a consumer is a true first-party fraudster or whether new socio-economic conditions or happenstance interactions with malicious actors have resulted in a first-party-like occurrence. 

In order to achieve this level of context, a multi-industry data consortium is required. Consumer transactional behavior can then be analyzed across the financial ecosystem, over time, to correlate actions with true first-party fraud and to promote an ecosystem of trust.

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