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January 28, 2022

AI Based Fraud Detection by Formica for the E-commerce Industry

Real-time fraud detection product Formica Fraud will now provide its services to one of the leading e-commerce platforms in Turkey. Check out the details of the brand's latest collaboration with Hepsiburada.

Thanks to its artificial intelligence-based system that has the abilities of real-time data analysis and self-learning, Formica Fraud is able to lighten the burden of stress and the large amounts of workload of the employees and the risk teams. Along with its data analysis and self-learning features, it can also serve as a decision maker who is able to detect fraud and take the necessary actions with the help of machine learning.  

The product that has been developed by the teams of Turkish programmers and engineers, has added the e-commerce giant, Hepsiburada, to its customer portfolio last month. Hepsiburada is also the first Turkish company to go public on Nasdaq and their initial public offering (IPO) valued 3.9 billion dollars. Besides Hepsiburada, companies that are leading their sectors such as Oyak, Anadolubank and Birleşik Ödeme are also among the customers of Formica AI.  

With the boosting effect of COVID-19, e-commerce industry is expected to continue growing at an unstoppable pace and this fast expansion is a huge opportunity not only for the merchants and the customers but also for the cyber fraudsters who keep up with the modern technology as well. Having scalable and analysable solutions for the complex data that is born by the increasing transaction volume is a crucial need in order to be one step ahead of the risk of fraud. Artificial intelligence that learns from each transaction in a cumulative manner optimizes the cost and efficiency of the operations at a considerable amount by staying always up to date against ever-changing fraud methods.

Özgür Oktan

CEO and founder of Trogic Information Technologies, Özgür Oktan, stated that “As the team of Formica AI, we embrace a facilitating mission for our business partners. Benefits provided by the modern, AI based fraud detection and prevention technology for the increasing volume of e-commerce are overlapping with our brand-new business partner Hepsiburada’s excellent service mission. As a tech company that brings innovation and entrepreneurship together, we are pleased to see Hepsiburada as a partner of ours.

Formica Fraud’s user-friendly interface and add-drop feature which make it possible to manage even the most complicated fraud scenarios on the platform easily without the need of IT support, appear as a distinctive feature from its competitors.

AI based big data platform Formica AI provides businesses safe and positive customer experience by bringing big data analytics and fraud detection together thanks to the machine learning technology that it benefits for fraud detection processes.

Formica Fraud offers its advanced financial risk management technologies to the market as an important part of the growth journey of the e-commerce industry.  

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