Introducing the Trudenty Trust Network: The award winning solution for friendly fraud prevention

It has taken us a while to pen this very first blog article. We could just no longer resist the pull to start sharing our view points on friendly fraud, personalisation in payments and identity.

We have built infrastructure that provides merchants, acquirers and issuers with 360 consumer fraud risk intelligence that enables the differentiation of trusted customers from friendly fraudsters.

The Trust Network is a machine-learning powered blockchain network for consumer data-sharing; that enables merchants, acquirers and issuers to collaborate and identify friendly fraudsters in the ecosystem. The Trust Network combines data shared across the network and Open Banking data, to create complete 360 consumer fraud risk intelligence.

The Trust Network identifies and differentiates between the different patterns of friendly fraud, and enables the configuration of algorithms to calculate a customer’s inclination for friendly fraud.

Through advanced fraud detection algorithms, real-time transaction monitoring, and comprehensive risk assessment tools, we enable businesses to identify suspicious activities and take immediate action to mitigate risks. Additionally, our education initiatives and awareness campaigns equip merchants and issuers with the knowledge and strategies needed to recognize, prevent, and address instances of friendly fraud effectively. By fostering collaboration and empowering stakeholders with the right tools and insights, we strive to create a safer and more secure environment for businesses and consumers alike.

Why we built the Trudenty Trust Network

We first set out to build Trudenty with a thesis centred around agency for individuals. Our network provides consumers a view of how their data is used to determine the services they receive.

About a year ago whilst building a reusable identity solution for KYC and authentication, and looking to onboard fintechs and other payments solution providers, we realised the growing impact of friendly fraud across the payments ecosystem. From chargeback fraud, to refund fraud, and the different pay-later fraud types impacting merchants, acquirers and issuers. As a company that had been building solutions to prevent identity-related fraud in payments with consumers at the centre, we quickly realised that we had a unique perspective and edge towards solving these problems.

What is the Trudenty Trust Network?

The Trust Network is a machine-learning powered (private) blockchain network of consumer data profiles providing consumer intelligence to peer nodes on the network. The network enables merchants, issuers and acquirers to unite and collaborate towards sharing data about known fraudsters, helping the ecosystem get smarter and stay ahead of fraudsters in all their forms.

Key milestones to date

The Trust Network TestNet is live and already proving out use cases related to ‘Embedding consumer intelligence into business processes’, ‘Offering personalised payments’ and ‘Automated and assisted refunds decisioning’.

Trudenty’s work is supported by our day 1 investors (including Techstars, Fuel Ventures, Plug and Play and our ‘favourite angel investor’), and early supporters in the payments ecosystem working with us to go-to-market and build the Trust Network.

Join the Trust Network - Become a node, collaborate with others and eliminate the visibility gap

The Trust Network enables organisations to run nodes on the network, enabling collaboration in a trusted manner. Trust is fundamental in networks for collaboration. The Trust Network ensures trust by helping organisations share intelligence without sharing confidential transactional data and PII. The network ensures trust owing to data immutability, network transparency and algorithms (computing consumer fraud risk intelligence) auditability.

If you are a merchant, issuer or acquirer grappling with friendly fraud and its consequences on your business or looking to understand how friendly fraud may be impacting you - we would love to problem solve with you and help ensure trust and security in online payments.