ShopRunner, an e-commerce network that connects retailers and consumers, announced it has acquired antifraud technology provider Precognitive. Adding its enterprise fraud-prevention solution will augment ShopRunner’s ability to identify online fraud, an increasingly important value add for companies operating in e-commerce.
The move is strategic, though not surprising given the increased prevalence of card-not-present fraud. “Precognitive equips our partners with industry-leading algorithms to detect and combat online fraud and account takeover issues taking a toll on their e-commerce revenue and interfering with their ability to offer a seamless and safe shopping experience for customers,” said Sam Yagan, CEO of ShopRunner.
Commenting on why it is important online retailers to invest in fraud-prevention solutions, CEO of Precognitive Sam Bouso said, “The methods used to conduct fraudulent transactions are constantly evolving and becoming progressively more sophisticated.
“It was clear to us that online fraud and account takeover issues are taking a toll on retailers’ e-commerce revenue and interfere with their ability to offer a seamless and safe shopping experience for customers. By joining forces with ShopRunner, we are able to support the company in serving as a true partner to retailers and are able to equip them with industry-leading algorithms needed to fight new threats effectively.”