SAN FRANCISCO, March 16 (Bernama-BUSINESS WIRE) — Cloudflare, Inc. (NYSE: NET), the security, performance, and reliability company helping to build a better Internet, today announced it is entering the fraud detection market to help businesses quickly identify and stop online fraud – including fraudulent transactions, fake account signups, account takeover attacks, and carding attacks – before it impacts their brand or their bottom line. Powered by sophisticated machine learning models and global threat intelligence, Cloudflare is developing Cloudflare Fraud Detection to quickly stop account and payment fraud while also blocking the bots and humans behind it – automatically, and at global scale.
Digital fraud threats are ever evolving, highly targeted, and can be committed by both humans and bots. According to PWC’s Global Economic Crime and Fraud Survey, more than half of companies with at least $10 billion in revenue experienced some sort of digital fraud in the last two years – the highest level in decades. Today, businesses often employ resource-heavy teams or rely on multiple vendors to help fight fraud. However, both options can hinder the speed and experience of a customers’ transaction. What’s more, they inherently lack access to robust threat intelligence, making it harder for businesses to understand if fraud is coming from a bot or a human, and then stop it in real-time. As attacks increase in volume and attackers evolve their tactics, businesses need a faster, more comprehensive way to stop attacks the moment they are detected.