WePay unveils new risk engine to combat with frauds

Fri, May 10, 2013: WePay, a payment service provider helping small businesses to accept credit cards, has launched Veda risk engine, its social brain to fight against frauds.

With Veda, WePay able to underwrite merchants automatically by drawing social data from a variety of sources including Facebook, Twitter and Yelp and the system can tell who is real and who isn’t real. According to WePay, a lot of fraudsters who search the Internet and find business information (Tax IDs, phone numbers, addresses, etc.) of real small businesses and impersonate them on WePay. Veda let’s WePay recognize these impersonators and step up as an ally to protect honest businesses.