Payment services provider Worldpay has rolled out a solution to combat fraud across all sales channels.
Dubbed FraudSight, the new tool leverages machine learning to validate transactions.
Go deeper with GlobalData
In doing so, the tool assesses various factors such as behavioral and device biometrics, contextual anomalies, and chargeback reputation.
The technology is said to assign deep contextual awareness to all transactions.
Worldpay chief product and marketing officer Asif Ramji said: “Managing fraud isn’t just about keeping out all of the bad transactions; you also have to ensure that the good transactions are still getting through.
“FraudSight will leverage our unique combination of technology, data and people to help protect our merchants and their customers against the financial threat that fraud poses.”
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataIn this context, Worldpay cited The Nilson Report.
According to the report, worldwide card fraud losses were $28.8bn in 2018.
This is forecast to increase to $42.3bn by 2026, with card not present transactions accounting for majority of the loss.
Worldpay merchants in North America can start using the new service without any integration or development.
This feature is said to be significant, particularly for small and mid-sized merchants.
The payments firm also cited the Worldpay 2018 Global Payments Report, which forecast that e-commerce in the US will surge by 55% by 2022.
