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.

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.”

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In 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.