Munich Re, one of the world’s largest reinsurers, has partnered with FUGU, an Israeli startup, to insure its e-commerce fraud prevention solution.
The solution detects fraud attempts, resulting in minimum exposure to future chargebacks. FUGU’s self-learning algorithms collect data at various points of the transaction life cycle and allow a broader and more data-based risk assessment analysis.
Backed by Munich Re, the startup can offer a chargeback guarantee for transactions that were accepted. The reinsurer highlights that if any of the guaranteed transactions were fraudulent, clients would be indemnified for the value of such transactions.
Dikla Wagner, Munich Re representative in Israel and Head of Tech Scouting for Munich Re Israel, said: “We live in a dynamic reality, when the technologies themselves also create new risks.
“The great innovation is the ability not to be afraid of facing those risks, such as AI risks, and understand and quantify them. Insuring the risk and actually taking it out of the equation allows the startup growth potential.”
FUGU founder Amir Sadras said: “You know that you are doing something right when the world’s largest reinsurer Munich Re partners with you .
“Not only we found a solution to support & accelerate our growth, we also met world class professionals and “good people” who helped us make this happen.”
