Rapyd, a FinTech-as-a-service provider, has launched a new solution designed to protect businesses and consumers against cross-border fraud.
The Rapyd Protect solution provides a smart defence against global fraud while enabling merchants to offer customers their preferred payment method.
Research from The Nilson Report claims global card fraud will reach more than $37bn in the next five years. While the Association of Certified Fraud Examiners reported that organizations lose an estimated 5% of revenue to fraud each year.
As alternative payment methods (APMs) become more widely used, Rapyd launched its service to stop the associated risks. It claims its tool is the only fraud solution embedded in the world’s largest global payments network, which supports cards and over 900 APMs.
The tool uses fraud decisioning models and proprietary data sources from global payment networks of 100 countries.
Rapyd chief product officer Helcio Nobre said, “Rapyd’s primary commitment to global businesses is to ensure online customers can complete purchases with their preferred payment method, from major credit cards to local APMs.
“With Rapyd Protect we are reinforcing that promise by using best in class machine learning to safeguard alternative payments, protecting businesses, and improving the customers’ shopping experience. We combine our globe-spanning insights with unique data, and extensive rules libraries to decrease risk, reduce chargebacks, and fight fraud on a global level across more payment methods.”
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