Alipay Unveils Enhanced AI-Powered Risk Engine AlphaRisk to Safeguard Businesses Amid Accelerating Digitization
Alipay, the world’s leading open digital lifestyle platform operated by Ant Financial Services Group (“Ant Group”), organized the inaugural Alipay Risk & Security Tech Launch 2020, showcasing its latest technologies that help businesses adapt to digital transformation in a secure way.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20200514005941/en/
AlphaRisk: Alipay’s AI-powered risk engine (Graphic: Business Wire)
At the event, Alipay unveiled the enhanced version of the AI-powered risk engine AlphaRisk, the core of its world-leading risk and security technologies. Backed by AlphaRisk, Alipay’s fraud loss rate has been kept under 0.64 in 10 million. This means that for every $10 million worth of payments, fraud induced loss is less than $0.64, which is significantly lower than industry average.
“The pandemic has accelerated digital transformation across the globe. Businesses and services which can adapt quicker to this growing trend will be in a stronger position to serve customers. Meanwhile, rapid digitization also comes with new challenges in risk and security,” said Dr. Zhao Wenbiao, Vice President of Ant Group and Chief Scientist of Alipay Security Lab in his keynote speech. “Security, more now than ever, has to be the core infrastructure for digital businesses to ensure operational safety and reliability, while continuously improving user experience and performance.”
With four main features, namely AI Detection, Evolution, Perception and Auto Pilot, AlphaRisk offers best-in-class real-time risk detection and management capabilities. It automatically analyzes fraud attempts and patterns to adjust risk profiles, and takes countermeasures on the fly. It is also able to detect new fraud patterns and automatically intervene.
The enhanced AlphaRisk is able to respond to new risks detected within one second and complete automatic risk profile adjustments within one day through self-learning and model auto-refit. Its Auto Pilot feature integrates more than 200 algorithms, which enables the system to automatically apply the best risk management strategy while ensuring seamless user experience.
“Alipay’s utmost priority is to build a safe and trusted digital lifestyle platform for the 1.2 billion users we serve with our global partners worldwide,” said Dr. Zhao. “Through opening up our technologies and close collaboration, we plan to further our support for partners and merchants by empowering their risk and security infrastructure and enhancing their anti-fraud capabilities. We look forward to working with our partners together to promote the sustainable development of digital economy.”
In addition to safeguarding user accounts, in 2019 alone, Alipay helped over 10,000 Independent Software Vendors (ISVs) and merchants deploy AlphaRisk. It has protected over RMB30 billion in funds from promotion abuse, a key challenge on the rise for digital businesses. In addition to the financial costs, promotion abuse can also damage brand reputation and the ability to acquire and retain real customers.
Alipay’s risk engine and technology have also been adopted by leading mobile financial services providers in the region, including GCash, the leading mobile wallet in the Philippines. GCash currently has over 20 million registered users who access the mobile wallet for its payment, remittance and financial services, and over 75,000 QR merchant partners.
Speaking at the event, Ms Peach Lucienne Orbe, Head of Risk Decision Center at GCash shared: “At the beginning of our growth journey, we were facing challenges in adoption due to consumers’ lack of trust and security concerns. To overcome it, we have to tackle fraud and promotion abuses. The risk engine allows for real-time protection of transactions and risk intervention through API. Its authentication platform also supports dynamic verification for efficient fraud prevention without hampering user experience. As a result, we have significantly decreased promotion abuse to less than 1%, and improved our security capability. With these risk capabilities and confidence we have gained through such technologies, we were able to launch GCash Customer Protect last September, a program that ensures money-back guarantee for unauthorized transactions.”
In China, thanks to AlphaRisk helping to keep the fraud loss rate low, since 2005, Alipay has been protecting its users with a 100% money back protection scheme in the unlikely event of unauthorized account use.
Alipay Risk & Security Tech Launch 2020 event video is available here https://www.youtube.com/watch?v=sdAoJcuSqjQ , with English subtitles.
Alipay is the world's leading open digital lifestyle platform operated by Ant Group. In 2004, Alipay launched as an escrow service to address the issue of trust between online buyers and sellers in the early days of e-commerce in China. Continuously innovating to bring mobile payment to the world, Alipay serves more than 1.2 billion users worldwide together with its global e-wallet partners as of June 30, 2019.
Alipay has evolved from a payment tool to become a one-stop digital lifestyle platform. Through an open platform strategy, it introduces service providers from sectors such as local living, public services, and financial services, to bring consumers a more comprehensive experience. Along the way, it helps merchants digitalize their operations, promoting digital transformation in the service industry.
Alipay actively shares its financial technology experience with overseas partners, in order to bring inclusive financial services to the world. Working with more than 250 overseas financial institutions, Alipay created online payment channels for buyers and sellers in more than 200 countries and regions. When Chinese people travel abroad, they can pay directly using their mobile phones, and receive dedicated local merchant services through Alipay. These services have been introduced in 56 countries and regions. Tax reimbursement via Alipay is supported in 35 countries and regions, and Alipay supports 27 different currencies. In addition, foreign tourists and foreigners living in China can also use Alipay for mobile payments in the country.
For media queries
Mr. Le Shen
About Business Wire
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
IFF to Webcast Fireside Chat at Stifel Virtual Cross Sector Insight Conference June 82.6.2020 22:15:00 CEST | Press release
Regulatory News: IFF (NYSE:IFF) (Euronext Paris: IFF) (TASE: IFF), a leading innovator of taste, scent and nutrition, today announced that the Company’s management will be participating in a fireside chat at the Stifel Virtual Cross Sector Insight Conference on Monday, June 8, 2020 at 4:00 PM ET. Investors may access the live webcast on the Company's website at ir.iff.com. For those unable to listen to the live webcast, a recorded version will be made available for replay. Welcome to IFF At IFF (NYSE:IFF) (Euronext Paris: IFF) (TASE: IFF), we’re using Uncommon Sense to create what the world needs. As a collective of unconventional thinkers and creators, we put science and artistry to work to create unique and unexpected scents, tastes, experiences and ingredients for the products our world craves. Learn more at iff.com, Twitter , Facebook, Instagram, and LinkedIn. View source version on businesswire.com: https://www.businesswire.com/news/home/20200602005897/en/Contact information Micha
Dr Evidence (DRE), an AI-Enabled SaaS Healthcare Insights Company, Taps Industry Experts Joseph A. Boystak as Chairman of the Board and Ameet Nathwani, MD, as Chairman of its Newly Formed Medical Strategy Advisory Board2.6.2020 16:00:00 CEST | Press release
DRE is pleased to welcome Joe Boystak as Chairman of the Board and Ameet Nathwani, MD, as Chairman of its newly formed Medical Strategy Advisory Board (MSAB). These enhancements to the Company reflect the expanded need for keen guidance in this unprecedented time of convergence between expert AI-enabled technology in healthcare and the exponential growth of clinical information. DRE is dedicated to applying sophisticated data science with advanced AI to generate quicker, deeper, more nuanced regulatory-grade scientific and clinical insights for the betterment of patient outcomes. Boystak is an experienced healthcare venture capitalist and senior healthcare investment banker having been Founding Managing Partner at Health2047 Capital Partners and Founding Managing Director, Global Life Sciences at Jefferies. He is CEO of Brightwaters Capital and is a serial co-founder/investor in biomedical, med tech, health information technology, and artificial intelligence companies with spinouts fro
ZOOM International to Begin Doing Business As Elevēo2.6.2020 16:00:00 CEST | Press release
ZOOM International a worldwide leader in omni-channel compliance recording, workforce optimization (WFO), and revenue protection software for contact centers will begin doing business solely as elevēo beginning June 2nd, 2020. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20200602005093/en/ For over 20 years, ZOOM International has been a leading workforce optimization software provider in the contact center industry. Very early on, we were approached to solve a compliance problem with call recording. We built a creative software solution in record time, and began a journey crossing continents, employing hundreds of colleagues, and eventually improving operations, compliance, and customer experience for thousands of customers in 94 countries via more than 550 channel partners in the communications industry. Over time we have earned an 88 NPS score from ZOOM International customers & partners for our world-class support and in
Andersen Global Expands Presence in Qatar2.6.2020 15:30:00 CEST | Press release
Andersen Global announced its collaboration with Doha-based tax firm MS Partner, adding depth to the organization’s presence in Qatar and expanding its global platform. MS Partner was founded in 2018 and includes two Partners and more than 10 professionals that specialize in providing tax services to a variety of international clients including individuals and companies – both private and public. MS Partner’s Chairman His Excellency Shaikh Sultan Bin Jassim Bin Mohammed Al Thani is a prominent business leader in the State of Qatar. “We value our clients and people, and maintain the highest of professional standards,” said Office Managing Director Manikandan Rajan. “We’ve watched Andersen Global grow regionally as well as globally, and the organization has set the standard for providing clients with best-in-class service in an independent and seamless manner. We look forward to working closely with our fellow collaborating firm in Doha, Al-Khalifa Law, as well as all the collaborating f
Pegasus Development AG: Pegasus Present Its New Brand Pegastril - Nuevo2.6.2020 15:06:00 CEST | Press release
The coronavirus pandemic harbours the potential for enormous growth in specific industries. To that end, however, it's important to identify which markets will be dominant in the future. One of the key growth sectors is the production and distribution of disinfectants and associated technologies. Regardless of whether a cure for, or vaccine against, COVID-19 is developed, protection against viruses and bacteria has become incredibly important across the globe and will continue to be a concern going forward. This was one of the reasons why Pegasus Development AG decided to partner with the British disinfectant manufacturer Nuevo. One of the decisive factors choosing Nuevo was its highly competitive product, which is free from alcohol, animal products, perfume, essential oils or dyes. Furthermore, the product has already been tested according to the highest stipulations of the European standard EN 1276, is manufactured according to the latest regulations of the European Biocides Directiv
Re-Vana Therapeutics Raises $3.25 Million in Pre-Series A Financing2.6.2020 15:00:00 CEST | Press release
Re-Vana Therapeutics Ltd, a privately-held specialty therapeutic and drug delivery company developing sustained-release therapeutics for significant sight-threatening ocular diseases, today announced that it has closed $3.25 million in pre-series A financing. The pre-series A round was oversubscribed by more than $1 million and closed in two tranches. The first tranche of $2.08 million was led by ExSight Ventures, with participation from InFocus Capital Partners and existing U.K. investors, including TechStart Ventures, Clarendon Fund Managers and Qubis Ltd. Visionary Ventures led the second closing round of $1.17 million, with additional investment from existing investors. With the second closing, Re-Vana became the first company in which all three specialized U.S. ophthalmic funds have invested in the same company. The proceeds will advance proof-of-concept development for Re-Vana’s proprietary photocrosslinked EyeLief™ and OcuLief™ biodegradable technologies for the delivery of biol
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.Visit our pressroom