Berlin, Germany, 09 November 2021 – Fraugster, a German-Israeli AI payment security company and refurbed, one of Europe’s fastest growing marketplaces for refurbished electronics goods, today announce their collaboration to approve more transactions and reduce fraud. The partnership will ensure that customers and sellers are safe from fraudulent attempts, without introducing friction into the customer experience.
Refurbished Electronics marketplaces are growing rapidly as consumers look to reduce their carbon footprint by purchasing renewed smartphones, tablets, laptops and wearables. However, these high value items are also highly desirable to fraudsters because they are easy to ship and resell.
Refurbed’s founders, Peter Windischhofer and Jürgen Riedl, say “We have opted for Fraugster’s Managed Services solution so that we can focus on offering the best refurbished product assortment to our customers. Fraugster’s biggest differentiator is their AI data enrichment, which provides us with deeper insights into customer behaviour in consumer electronics and online marketplaces, and will allow us to make more accurate approval decisions. We are excited to work together to create a safe shopping environment for our customers and partners.”
Fraugster Co-CEO, Christian Mangold says “We are delighted to be working with refurbed, who are pursuing an important mission to reduce the environmental impact of e-commerce. Our AI engine gives us a great deal of data and insight into consumer electronics marketplaces which we will apply to help them approve more transactions across a range of payment methods, including Buy Now Pay Later (BNPL). Our solution will enhance payment protection within their ecosystem without compromising convenience for customers, whilst helping them to scale operations.”
Refurbed joins a growing network of Fraugster customers covering consumer electronics from BNPL providers Billink and Ratepay to e-commerce marketplaces Eurostep and Diana Srl.
Fraugster is a Berlin based payment security company. Fraugster enables the world’s leading merchants, global payment companies like Worldline and Ratepay to intelligently manage the impact of fraud to minimise the costs of fraud, maximise revenue and improve customer experience. Fraugster has developed one of the most accurate AI fraud prevention solutions in the market and is backed by Europe’s reputable deeptech investors Earlybird, Speedinvest, CommerzVentures and Munich Re Ventures. Further information can be found at https://www.fraugster.com/
Refurbed is the fastest growing online marketplace for refurbished products in the german-speaking world. Based in Vienna, refurbed sells renewed phones, laptops and tablets which are up to 40% cheaper and 100% more environmentally friendly than their brand-new, store-bought counterparts. Refurbed devices are renewed through a 40-step process, making them look like new and function like new. On top of that, each device comes with at least a 12 month guarantee. Further information can be found at https://www.refurbed.de/