Kakao Pay invests in financial fraud prevention startup The Cheat
Kakao Pay has invested in The Cheat, a financial fraud prevention startup, the company announced Thursday. Kakao Pay said it decided to make the investment to protect customers and strengthen collaboration between the two companies.
The exact investment amount has not been disclosed due to an agreement between Kakao Pay and The Cheat.
Kakao Pay is preparing to apply The Cheat’s anti-fraud solution, which checks whether the counterparty has a fraud history before a transaction is made, to its services.
“We will continue to review various investments so that we can provide better services to users by strengthening our technology and business capabilities,” said a spokesperson from Kakao Pay.
BY LIM JEONG-WON [lim.jeongwon@joongang.co.kr]
with the Korea JoongAng Daily
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