Posted by Sponsored Post Posted on 24 February 2022

Saving Business Ecosystem from Fraud with Risk Management Software

The financial system traditionally attracts scammers since it performs the socially important function of the circulation of money. They try to penetrate this system at all levels to get money illegally:

  • friendly fraud
  • merchant fraud
  • fake banks

Any such intrusion of fraudsters creates many problems for the financial and eCommerce ecosystem:

  • Merchants and issuer banks suffer from dishonest consumers.
  • Acquiring banks and consumers suffer from fictitious merchants.
  • Individual clients and businesses suffer from dishonest banks.

Steps to Protect Business Ecosystem from Fraud


How to break this vicious circle? To do this, it is important to:

  • make it difficult for fraudsters to penetrate any niche of the financial system.
  •         detect the implementation of a fraudulent scheme timely in case of intrusion.
  • isolate scam and, thereby, save the business ecosystem.
  • analyze the weak sides of the financial system and take additional measures to protect it more strongly.

Preventing Fraud with Advanced Software Solutions


Covery is an online service that professionally fights all types of fraud that threaten business, customers, and banks in Europe and the USA:

  • money laundering
  • merchant fraud
  • account takeover
  • bot attacks


One of the most efficient ways to protect all the virtuous participants of the financial system is to apply highly rated and efficient risk management software. It will monitor the actions of all participants at all stages of their activity related to purchasing certain goods or services and making transactions.


Fraudsters tend to use certain schemes that help them to cheat others. When these scam schemes are uncovered and prevented, they invent new ones. However, artificial intelligence and machine learning easily detect these fraudulent patterns and send warning signals to merchants or banks. Timely detection of fraud will save all participants of a certain business environment.

Only Joint Efforts Will Save Ecommerce Ecosystem

Only through joint efforts can honest merchants and banks save the financial system, their money, and reputation. Some advanced anti-fraud software solutions were born out of this cooperation. Let’s have a look at the service that prevents the chargeback problem both for merchants and banks: 


  • A company can move to a category of a high-risk business in case of numerous chargebacks.
  • As a result, businessmen will be forced to pay higher fees to maintain their merchant accounts than a low-risk business.
  • To avoid this, dishonest merchants try to cheat banks. They make a fake website for a low-risk company, and when they get a merchant account, they quickly change its content and start scam practices.
  • As a result of this merchant fraud, the bank incurs major losses and even takes a risk of criminal investigations as accomplices of scammers.

An example of effective cooperation between banks and merchants is the Ethoca Chargeback Prevention tool or Visa Merchant Purchase Inquiry (VMPI). They decrease the number of chargebacks. Also, it is the possibility to avoid disputes between issuer banks and merchants.

Order Anti-fraud Service for Your Business


Acquiring banks need to protect themselves from merchant fraud and money laundering. Merchants have to protect their businesses from friendly fraud. For all these necessities, the anti-fraud platform Covery has advanced and effective software solutions. By ordering a business protecting service, you not only get the best resolution of your particular problem but access to the network of professionals fighting with fraudsters for years as well. Choose one of the best options to guarantee the safety of your business:

  • KYC Automation
  • Trustchain
  • Device Fingerprinting
  • Ethoca Chargeback Prevention
  • Visa Merchant Purchase Inquiry
  • IP Screening


Join the community of people who set up the goal to clean the financial system from all scam. You will take the pleasure of running a business in a friendly and confident environment. Protecting your business from fraud, you help all other participants of your business cycle. The more businessmen will do that, the cleaner the financial system will be.




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