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PayNearMe Inc. is beefing up the fraud-fighting capabilities of its MoneyLine iGaming and sports-betting platform via an integration with Accertify Inc., a subsidiary of American Express Co. The integration will enable iGaming and sports-betting operators to reduce fraudulent withdrawals from iGaming accounts by confirming an accountholder’s identity prior to a withdrawal.
Accertify’s platform, which uses machine learning to identify accountholders, pinpoints suspicious activity, which the company says can improve acceptance rates for debit and credit cards and reduce deposit declines.
“PayNearMe and Accertify can now empower our operators to proactively ensure their players are who they say they are, via intelligent access to Accertify’s community database, which already protects many of the largest operators in the iGaming space,” John Minor, chief product officer at PayNearMe, says in a statement.
“Accertify’s machine-learning technology analyzes this vast body of community data and alerts PayNearMe’s MoneyLine platform to authenticate transactions or, when needed, dynamically tighten security measures to help protect from account takeovers and promotional abuse without unnecessary added friction,” Minor adds.
PayNearMe, which has been servicing the iGaming market since 2013, says it processes cash deposits for nine of the 10 largest sports-betting operators in the United States, including BetMGM, TVG, PointsBet, FanDuel, and Caesars Sportsbook. In addition, the company processes cash deposits for 16 of the 17 largest online casinos in the U.S., it says.
In other news related to American Express, the company introduced what it calls its refreshed U.S. American Express Business Gold Card. The card offers cardholders the ability to quadruple their membership rewards points in the top two eligible categories where their business spent the most each billing cycle, earn statement credits for purchases at select merchants, and receive access to digital-payment services and cash-flow tools, such as cell-phone protection a pay-over-time option, AmEx says.
“The refreshed Business Gold Card helps our card members spend more time on what’s important: running their business,” Anna Marrs, group president of global commercial services and credit and fraud risk for American Express says in a statement.
