The Limitations of Fraud Detection Today, and its Future with Bolt

On Medium:

PART 1: The problem of fraud is greater (AND DIFFERENT) than you think

Today’s online payments experience is powered by dozens of unique tools – from payment gateways to fraud detection services and checkout tools. In the enterprise ecommerce space, this approach is called “layering,” in which business layer on suites of different tools to create “robust” payments and fraud detection stacks. [Gartner]

The results, however, are abysmal, especially when it comes to fighting fraud. In spite of the proliferation of tools for preventing and managing fraud, the fraud problem continues to grow. [Experian] In this post, the “fraud problem” refers not just to fraud loss, but also to the cost of “false positives”, or customers falsely rejected for fraud concerns, as well as the labor and time overhead of having staff and software allocated to reviewing orders.

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The Beginning of the End of Payments

Introducing Bolt, Amazon-like Payments with Zero Fraud for online merchants


The Internet enables anyone to effortlessly communicate with anyone else across the world. Yet, buying and selling goods online is far from effortless.

  • Customers need to re-enter personal information, billing addresses, credit card numbers, shipping information – dozens of separate forms – into a clunky interface every time they make a purchase. About 70% of customers abandon ship during checkout (1). Worse, 15% of legitimate cardholders are falsely declined for fraud suspicions (2).
  • Online merchants need to select between hundreds of different payment processors, checkout tools, and fraud detection providers, wire them together, optimize their checkout flows, and manually review transactions.

In the end, online merchants spend significant resources managing their payments systems, only to see billions of dollars lost due to poor checkout experiences and inaccurate fraud detection.

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