Paypal announced it has agreed to acquire Fraud Sciences, an Israeli security company, for $169 million. The deal marks the first time eBay and PayPal have acquired a security technology company.
eBay's PayPal has been battling online fraud, which has cost it millions of dollars. Paypal is by far the most widely used online payment service, and as such it is one of the biggest targets for phishing and other Internet scams. Fraud Sciences has developed technology that it claims helps in differentiating between legitimate transactions and those perpetrated by fraud.
Fraud Sciences' risk tools will be integrated with PayPal's fraud management system, PayPal President Scott Thompson said. The move "should allow us to be even more effective in protecting eBay and PayPal's hundreds of millions of customers around the world," he said.
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technorati tags: paypal, fraud sciences, online security
PayPal to buy Israeli fraud-detection company
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