Enter “Stripe Radar”
The new service, Radar, uses a variety of metrics to verify accounts. From the company’s site: Stripe is aided by its size and market share: Even if your food truck has never swiped a particular card before, there’s a 80 percent chance that some tracker somewhere has already logged it.
It’s Free, For Now
Techcrunch offers a little inside baseball on the new feature with their guess that Stripe Radar might wind up solely in a paid subscription feature, should one ever be offered: Regardless, the new service will likely be well-loved by Stripe’s user base, which has long been threatened by credit fraud. The company has an in-depth guide to their AI process, for those interested in learning how it works. That may change down the line if and when Stripe — which has now raised around $300 million and is valued at around $5 billion — begins to add in more features and decides to monetize the service separately. (Its current, basic payments rate is a 2.9% commission plus 30 cents per successful card charge in the U.S. and fees vary in other markets.)”
