As international transfers popularize among retailers and processing firms across multiple payment avenues, fraud risks, and resulting losses have increased significantly.
This need for security has pushed Rapyd Financial Networks Ltd., a global payments firm, to roll out a solution that focuses on spotting phony and stopping scam transactions throughout the firm’s network, which serves over 100 countries to the tune of 900 payment methods.
The newly-launched security layer dabbed Rapyd Protect leverages machine learning capabilities to counter what the London-headquartered firm now perceives as a complicated threat due to the myriad of payment avenues in its infrastructure.
According to Helcio Nobre, Rapyd’s chief product officer, “Rapyd Protect combines world-spanning insights with troves of data and stringent rules to mitigate risks, control chargeback rates, and battle fraud internationally throughout multiple payment methods.”
Internationally, cybercrime steals approximately 1.8 percent of business-generated revenue, as per Mastercard’s poll. In the meantime, each dollar of chargebacks cost online retailers an extra $2.94 in various expenses, according to the card brand.
Rapyd, which runs three other operational offices in California, Mountain View, and Singapore, is known to help startup financial-services and processes set up card and non-card payments in an offering it describes as the “fintech-as-a-service” model.
And though a myriad of payment avenues and serving globally can double the challenges in fraud detection and prevention, the form maintains its network generates troves of data that can help spot and thwart phony activity.
The newfangled solution can also help supplement existing fraud-protection mechanisms and be tailored to suit specific geography or business structure. “Our main dedication to international businesses is to ensure online shoppers pay safely through their favorite payment avenue, from long-established credit cards to new alternative payment methods (APMs),” explains Nobre.
These APMs include even cash that some critics thought would die with COVID. Last month (Oct), Rapyd entered a deal with an Atlanta processor InComm Inc. to power cash bill payments for merchants all over the US.
Rapyd Protect is an excellent example of understanding your internal risk profile and fighting fraud actively. Global payment networks should follow this example to protect the businesses they onboard and the consumers who rely on these avenues.
Author Bio: Payment industry guru Taylor Cole is a passionate payments expert who understands the world of bestpaymentproviders.com. He also writes non-fiction, on subjects ranging from personal finance to stocks to cryptopay. He enjoys eating pie with ice-cream on his backyard porch, as should all right-thinking people.