Paypal buys fraudsciences

Today I received an email from FraudSciences that they have been acquired by Paypal for $170MM. This is bad news for me and their other customers, but good news for all who use Paypal as a credit card processor.

FraudSciences provides chargeback insurance against fraud. The way it works is if they approve a transaction, they charge a small percentage (1 - 3% depending on whether its domestic, international, shipping to billing address, etc.). If the charge is charged back as fradulent, FraudSciences reimburses you.

Anyways, I thought there are some here who would be excited about Paypal pro actively verifying transactions.

I saw a press release by FS that they were being bought out but I have not read anything about any plans by Paypal to use the service as it has been implemented by FS. Any links to that info?

MamaKitty:

I saw a press release by FS that they were being bought out but I have not read anything about any plans by Paypal to use the service as it has been implemented by FS. Any links to that info?

I don't know. But I can tell you that FraudSciences is dumping all of their current customers (I am one of them) so its not just a change in upper management

Interesting info voltage, thanks for posting it.

Thans for the info, voltage. It will probably be several months before there's any announcement. With all the changes at eBay lately, there's no telling what they will do. LOL