eBay has claimed that its Fraud Automated Detection Engine is successfully monitoring and reducing fraudulent activity on the online auction site. The software collects info from defrauded customers and uses it to predict which new sellers are likely to be shady.
Speaking at the company’s AGM, eBay Chief Executive Meg Whitman told shareholders that the new software was enabling the company to take major strides in reducing fraud.
EBay’s Fraud Automated Detection Engine (FADE) software went live on its website around two months ago. The software collects data from defrauded customers, tracks it in a central database, and then predicts which new sellers are likely to be illegitimate.