Our story begins with a gift card platform we founded in 2013. After being hit with a very high chargeback rate on week one, we searched for a premium payment fraud protection solution that fits our type of product – and couldn't find one. The market was filled with only fraud protection solutions that required us to decline 15%-20% of what we knew were legitimate shoppers who had gone through the entire purchase flow and provided us their payment information!
To meet our specific needs for high-risk and high value goods, we created our own in-house fraud prevention platform. It soon became clear that we weren't the only digital goods (or payments) provider looking for such a solution. After consistently testing our machine learning models against leading fraud protection providers, in 2019 we saw an opportunity to make a greater difference in this world – and nSure.ai was born.