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Bolt: An End-To-End Payments Stack with Zero Fraud

bolt.com

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Re: Bolt: An End-To-End Payments Stack with Zero Fraud

#3

Post by bri3d »

StavrosK wrote: post #2

Does anyone know how this guarantees exactly zero fraud? The page just tells you to book a demo.

They're just underwriting the risk so they guarantee "zero fraud" to the merchant. And they just have traditional risk-assessment algorithms applied aggressively.

Here are a few articles with more : https://techcrunch.com/2018/01/23/bolt-launches-an-amazon-li...

There's really nothing of a sea change here, just optimization of existing techniques.

Re: Bolt: An End-To-End Payments Stack with Zero Fraud

#4

Post by rbres »

StavrosK wrote: post #2

Does anyone know how this guarantees exactly zero fraud? The page just tells you to book a demo.

CEO of Bolt here. We'll be writing more about this in the future. In short, our fraud detection is really really good (although not perfect). However, the fraud that ends up making it through the pipeline is so minimal that we cover it fully. So, for a small fee as an online business you never have to pay for / deal with fraudulent chargebacks again.

There are other companies that do this, but none of them also do payments. They're kinda like rebate programs where you submit your fraud to them and they pay it off like insurance. It's a lot of manual work, back-and-forth, and they end up not doing a great job. So, this is a first for the industry.

Why is our fraud detection so much more accurate? We have access to the full stack of data across checkout, payments, and the user's shopping experience, collecting 200+ variables on every transaction. Most silo'd fraud providers may end up getting 10-20 variables and have to make uniformed decisions, resulting in $10's billions in false positives (good customers getting rejected by fraud tools) in the US every year.

Re: Bolt: An End-To-End Payments Stack with Zero Fraud

#5

Post by lykr0n »

rbres wrote: post #4
StavrosK wrote: post #2

Does anyone know how this guarantees exactly zero fraud? The page just tells you to book a demo.

CEO of Bolt here. We'll be writing more about this in the future. In short, our fraud detection is really really good (although not perfect). However, the fraud that ends up making it through the pipeline is so minimal that we cover it fully. So, for a small fee as an online business you never have to pay for / deal with fraudulent chargebacks again. There are other companies that do this, but none of them also do pa…

So, you're providing fraud protection to merchants the same way Amex/Discover/Master Card/Visa does to consumers?

Re: Bolt: An End-To-End Payments Stack with Zero Fraud

#7

Post by kodablah »

Why do companies choose not to be 100% transparent? Any time I have to contact a company to see more or a demo or, even worse, see pricing, I close the page and make a mental note to never work with them in any capacity. I feel this type of boycotting is the only way to change the practice.

I mean, you even hide your docs behind a password? How terrible. What are you keeping so secret? Does this translate to your other business practices? Mental note made.

Re: Bolt: An End-To-End Payments Stack with Zero Fraud

#8

Post by rbres »

lykr0n wrote: post #5
rbres wrote: post #4

Earlier quoted context omitted.

CEO of Bolt here. We'll be writing more about this in the future. In short, our fraud detection is really really good (although not perfect). However, the fraud that ends up making it through the pipeline is so minimal that we cover it fully. So, for a small fee as an online business you never have to pay for / deal with fraudulent chargebacks again. There are other companies that do this, but none of them also do pa…

So, you're providing fraud protection to merchants the same way Amex/Discover/Master Card/Visa does to consumers?

That's correct. Today, merchants are on the line for any fraud that they incur. When you call your bank to report fraudulent activity, the merchant is out the goods + has to pay fees/fines + has to return the money + deals with paperwork overhead. Bolt completely eliminates all of that. We're taking a stand to end fraud and take on all the liability for our clients.

Re: Bolt: An End-To-End Payments Stack with Zero Fraud

#9

Post by jessaustin »

bri3d wrote: post #3
StavrosK wrote: post #2

Does anyone know how this guarantees exactly zero fraud? The page just tells you to book a demo.

They're just underwriting the risk so they guarantee "zero fraud" to the merchant. And they just have traditional risk-assessment algorithms applied aggressively. Here are a few articles with more : https://techcrunch.com/2018/01/23/bolt-launches-an-amazon-li... There's really nothing of a sea change here, just optimization of existing techniques.

From your much more informative link:

It does things like track where the mouse is moving on the page, whether someone is copying and pasting information into the fields, whether they’re making typos, how fast they’re typing, and many other factors. By analyzing customer behavioral patterns, Bolt says it has a better shot at stopping fraud than just asking for the billing address.

I wonder how this handles autocomplete? In a sense it would be a good sign if the browser already knows given and family names etc., but could that be differentiated from a quick (perhaps extension-assisted) cut'n'paste?

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