PayPal Picks Up Fraud Sciences
PayPal is already one of the safer ways to transfer money on the Internet, which is part of why so many vendors accept it or prefer it over other means. Part of what makes the site so effective is that it isnít content to rest on its laurels, continuing to work with ISPs and other sites to increase the security for your financial transactions. In the past that meant things like trying to work with free e-mail providers to protect users from fraudulent e-mails and phishing scams. Now PayPal has increased their online security presence with the purchase of Fraud Sciences.
The New York Times reports that PayPal is paying $169 million for Fraud Sciences, an Israeli-based security firm that specializes in Internet fraud. The company developed technology to distinguish genuine and fraudulent online transactions. PayPal will adapt the technology to work in conjunction with their already existing antifraud systems.
Although the transaction has 30 days to close, itís unlikely there will be any resistance to the deal, which can really only benefit both PayPal and its users.