Fraud prevention firm opens office in Melbourne
Online fraud prevention company NS8 is opening an office in Melbourne next month as it looks to grow its presence in the APAC region.
The company is headquartered in Las Vegas, Nevada, and has global offices in the Netherlands and Singapore.
Melbourne was chosen for its reputation as a leading technology and e-commerce hub, NS8 said in a media release.
“The new Melbourne office reflects our company’s commitment to growing business relationships and partnerships in Victoria and Australia,” Tony Dawson, NS8’s chief revenue officer, said.
Online fraud is estimated to have cost $455 million in FY19, according to an annual report from AusPayNet, the peak payments industry body charged with monitoring fraud. This was down slightly from $479 million in FY18, but overall, the problem has grown alongside the rise of e-commerce.
“Fraud involving CNP [card not present] transactions remains by far the largest category of fraud,” AusPayNet CEO Andy White said, according to ITNews.
“E-commerce volumes have grown rapidly, and this space has attracted criminal groups as security technology makes other types of card fraud less attractive.”
At the same time, companies like NS8 are using technology to help businesses identify suspicious transactions and decline them before they’re processed.
NS8 integrates with major e-commerce platforms, including Shopify, Magento and WooCommerce.
It is hosting an open house for neighbouring businesses and e-commerce partners at its new office on Collins Street on March 3.