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Covery.ai

From EverybodyWiki Bios & Wiki

Covery.ai is a privately-held international risk management and analytics platform, which specializes in Software-as-a-Service (SaaS) anti-fraud protection, chargeback prevention, real-time transaction monitoring, KYC/AML verification and risk mitigation. Covery was founded in 2016 by a Ukrainian team of risk managers and data scientists. Since 2017, Covery development has been led by Alexandr Khelemskiy, its Product Owner. The company is headquartered in Malta, with an R&D Center in Ukraine.[1][2][3][4][5]

Overview

Covery’s main task is to use behavioural analysis, device fingerprinting, rule-based business risk logic engine, AI/ML algorithm and Trust chain global reputational database to detect and prevent fraud in real-time.[6][7][8] Covery data processing technology is PCI DSS-compliant, ISO 27001-compliant, and meets GDPR policies. Dow Jones-certified service provider with direct access to the latest versions of worldwide PEP/RCA/SAN datasets and watchlists from this leading data broker.

As a hybrid platform using a rule-based business risk logic engine and Machine Learning-driven approach. Covery works in more than 23 industries. It operates in several main fields:[9]

  • iGaming. Covery helps prevent bot attacks, bonus abuse, affiliate fraud, account takeover and other iGaming fraud cases.[10][11]
  • Payment Service Providers/Fintech. Covery enables PSPs/fintech companies to flag suspicious online transaction in real time to prevent fraud, money laundering and chargebacks.[12]
  • Dating. Fraud and chargeback prevention in dating involves various cases, from synthetic identity theft and scam to affiliate fraud and chargebacks.
  • EMI. Covery provides a range of technological solutions needed to obtain and retain an EMI (Electronic Money Institution) licence, including KYC/AML, anti-fraud and transaction monitoring capabilities.[13]
  • eCommerce. Covery helps eCommerce businesses reduce their chargeback expenses and prevent various types of fraud, from phishing and triangulation fraud to identity theft and account takeover.[14]

Products

The company’s product line includes:

  • Trustchain - a global reputational knowledge base. Trustchain evaluates every customer’s individual risk score based on existing reputation records. This unique technology from Covery currently contains more than 400 million records and has helped prevent more than 200 million fraudulent transactions since 2018.[15][16]
  • Device Fingerprinting — Covery gathers publicly available device identifiers transmitted by every visitor’s device for debugging purposes, like hardware module IDs, OS and browser versions installed, add-ons and plug-ins running, etc.[17][18][19]
  • KYC Automation — Know Your Customer checks are a part of ongoing due diligence practices and allow screening every customer on registration stage and periodically checking their backgrounds during account usage against Dow Jones sanctions watchlists.[20][21]
  • VMPI Chargeback Prevention — Covery is integrated with the VMPI global chargeback prevention network from Verifi (Order Insight, RDR, CDRN) and allows businesses to respond to the issuer bank’s requests immediately, complementing their inquiries with available customer’s purchase history and transaction details on record.[22][23]
  • Ethoca Chargeback Prevention — Covery issues fraud alerts as soon as the issuer bank sends such a request. The merchant is then able to refund the questionable transaction to avoid starting a chargeback dispute, paying the chargeback processing fees to the payment services provider and worsening the merchant’s chargeback statistics.

Achievements

Covery was listed in the Top 5 European fraud prevention startups list of 2020.[24]

References

  1. ↑ "Covery.ai - Crunchbase Company Profile & Funding". Crunchbase. Retrieved 2021-06-18.
  2. ↑ Tucker, Charlotte (2021-01-15). "10 of the most promising Malta-based startups to watch in 2021". EU-Startups. Retrieved 2021-06-18.
  3. ↑ "How to Secure Business from Account Takeover Fraud". About-Fraud. 2020-07-28. Retrieved 2021-06-18.
  4. ↑ "How to tackle fraud as a business". The Telegraph. 2019-09-03. ISSN 0307-1235. Retrieved 2021-06-18.
  5. ↑ "Covery.ai - Crunchbase Company Profile & Funding". Crunchbase. Retrieved 2021-06-18.
  6. ↑ "The Most Promising Fraud Detection Startups in Europe". Merchant Fraud Journal. 2020-03-04. Retrieved 2021-06-18.
  7. ↑ "How businesses can prevent fraud during COVID-19". thepaypers.com. Retrieved 2021-06-18.
  8. ↑ Covery (2019-01-17). "Responsible Gaming & No Fraud | Covery at ICE 2019". Medium. Retrieved 2021-06-18.
  9. ↑ "Next generation fraud prevention platforms leverage ML to secure payments". thepaypers.com. Retrieved 2021-06-18.
  10. ↑ Robin (2019-05-01). "Covery team releases igaming edition of comic book". igbaffiliate.com. Archived from the original on 2021-06-24. Retrieved 2021-06-18.
  11. ↑ "Responsible Gaming & No Fraud | Covery at ICE 2019". blog.covery.ai. Retrieved 2021-06-18.
  12. ↑ "Anti-fraud platform Covery has released comic book about e-commerce fraud prevention". www.businesswire.com. 2019-09-12. Retrieved 2021-06-18.
  13. ↑ "Fraud prevention for fintech industry: How Covery helps obtain EMI license". Business Reporter. 2021-02-22. Retrieved 2021-06-18.
  14. ↑ "Risk Management: Addressing the Leading Fraud Types". About-Fraud. 2021-05-21. Retrieved 2021-06-18.
  15. ↑ "Covery launches blockchain-inspired collaboration network Trustchain". thepaypers.com. Retrieved 2021-06-18.
  16. ↑ "Maxpay's Risk Platform Covery is Launching Trustchain Later This Year". Payment Week. 2018-01-31. Archived from the original on 2021-06-24. Retrieved 2021-06-18.
  17. ↑ "Influencer Insights: An Interview with Covery". Merchant Fraud Journal. 2019-08-08. Retrieved 2021-06-18.
  18. ↑ "Device Fingerprinting Technology Alone Will Not Secure AJAX Websites". Merchant Fraud Journal. 2019-07-10. Retrieved 2021-06-18.
  19. ↑ "Risk Management: Addressing the Leading Fraud Types". About-Fraud. 2021-05-21. Retrieved 2021-06-18.
  20. ↑ "Covery releases automatization of KYC procedure". thepaypers.com. Retrieved 2021-06-18.
  21. ↑ "Why KYC automation matters and how it helps fintech companies prevent fraud". Business Reporter. 2020-02-17. Retrieved 2021-06-18.
  22. ↑ "Here's how to protect your startup from fraud". Sifted. 2021-05-24. Retrieved 2021-06-18.
  23. ↑ "Anti-fraud platform Covery has released comic book about e-commerce fraud prevention". www.businesswire.com. 2019-09-12. Retrieved 2021-06-18.
  24. ↑ "The Most Promising Fraud Detection Startups in Europe". Merchant Fraud Journal. 2020-03-04. Retrieved 2021-06-18.

Other websites

This article "Covery.ai" is from Simple English Wikipedia. The list of its authors can be seen in its historical and/or the page Edithistory:Covery.ai.


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