FIS is debuting a service through its Worldpay business called Fraud Freedom, a technology developed with e-commerce fraud prevention firm Forter that provides chargeback indemnification for cryptocurrency brokers and exchanges.
The service helps crypto brokers and exchanges flag potentially fraudulent purchases, trades or distributions of cryptocurrency. The service comes amid a 600% surge of crypto-based trading volume, according to a press release.
“The cryptocurrency market is growing rapidly, which is exciting to see, but the reality is that it is a high risk sector for fraud that demands innovative solutions,” Shane Happach, executive vice president and head of global ecommerce, at FIS’s Worldpay Merchant Solutions unit, said in the release. “By combining with Forter’s market leading network and AI-based fraud prevention system, FIS can help its cryptocurrency clients shift from a niche market to the mainstream while maintaining high standards of security.”