- Fraud Detect strengthens line of defense for eCommerce, universal commerce, mobile, in-store, and at the pump fraudulent transactions
- Leverages artificial intelligence and machine learning for real-time fraud scoring
- In pilot test, Fraud Detect significantly reduced fraud risk for merchants
NEW YORK, 2017-Jun-02 — /EPR Retail News/ — First Data (NYSE: FDC), a global leader in commerce-enabling technology, today (JUNE 1, 2017) announced the launch of Fraud Detect, a comprehensive fraud solution for merchants around the world. Fraud Detect leverages artificial intelligence and machine learning, fraud scoring, cybersecurity intelligence, and information from the Dark Web to provide merchants with the capability to detect fraudulent in-store, at the pump, online, mobile, and in-app transactions before they occur.
Each year, First Data powers trillions of dollars of transactions around the world, including $2.2 trillion in 2016. Using artificial intelligence, Fraud Detect analyzes those vast datasets to identify fraud and potential chargebacks. In parallel, Fraud Detect incorporates data from the Dark Web, a collection of websites that exist on an encrypted network, to enhance the power of the solution with information that would otherwise only be viewed by cybersecurity experts.
In a recent pilot, Fraud Detect identified and prevented fraud that was undetected by other solutions in the market. Overall, merchants in the pilot saw lower false positive rates and an 80% improvement in identifying fraudulent transactions before they occurred. Fraud Detect also scored and assessed transactions in less than half a second.
Fraud Detect is available for businesses of all sizes and is applicable to a wide variety of industries, including retailers, restaurants, petroleum companies, and service providers.
“With Fraud Detect, our clients have seen an unprecedented reduction in fraud risk, while increasing payment acceptance and creating a better customer experience,” said Steve Petrevski, Senior Vice President, Security and Fraud Solutions at First Data. “First Data is giving clients an unparalleled line of defense across all commerce channels, allowing these businesses to enhance the way they interact with their own customers.”
Fraud Detect includes:
- Dynamic, real-time machine learning so clients can respond quickly to evolving threats
- World-class, enhanced, customized solutions for mid-market and enterprise businesses
- A “turnkey” solution for small businesses to implement enterprise-quality solutions
- Ability to customize settings to tailor to business needs
- A reporting and analytics dashboard with near real-time analysis
- Consultative client support to assist with implementation and training
- Managed services offerings including fraud analysts and fraud program management
One key area for Fraud Detect is eCommerce. According to Aite Group, eCommerce fraud is expected to reach $5.9 billion by 2020, nearly double what it amounts to today. Consequently, merchants seeking to expand their businesses across online and mobile channels are increasingly vulnerable to eCommerce fraud risk.
“As consumers demand frictionless shopping experiences, clients are increasingly turning to First Data to enhance customer engagement with universal commerce,” said Shane Fitzpatrick, Global Head of eCommerce at First Data. “We are able to help our clients move into new channels and offer unique commerce functions, while helping to mitigate their security and fraud risk.”
“Merchants are expanding into new commerce channels, and they want technology solutions that protect their customers and reduce their exposure to false declines, chargebacks, and fraud,” said Julie Conroy, Research Director at Aite Group. “The technologies behind Fraud Detect and First Data’s ability to identify fraudulent transactions in real time will provide significant value to businesses around the world.”
In recent years, First Data has made significant enhancements and investments to its fraud and security offerings. With its unique internal alignment across the cybersecurity and security and fraud teams, clients benefit from the combined assets and resources of all of the businesses. Fraud Detect adds to First Data’s expansive fraud and security portfolio, which includes TransArmor for tokenization and encryption, EMV point-of-sale devices, including the Clover hardware and software solution suite, and the DefenseEdge product suite for financial institutions.
For more information about Fraud Detect, please visit our website.
About First Data
First Data (NYSE: FDC) is a global leader in commerce-enabling technology and solutions, serving approximately six million business locations and 4,000 financial institutions in more than 100 countries around the world. The company’s 24,000 owner-associates are dedicated to helping companies, from start-ups to the world’s largest corporations, conduct commerce every day by securing and processing more than 2,800 transactions per second and $2.2 trillion per year.
Media Contacts:
Liidia Liuksila
First Data
212-515-0174
Liidia.Liuksila@FirstData.com
Source: First Data