Worldpay announced the launch of FraudSight, a new fraud protection product, this week at TRANSACT, the world’s premier event for the payments technology industry.
A multilayered solution, FraudSight combines data, technology, plus a team of data scientists and fraud experts to most accurately predict if a transaction is fraudulent. Using a combination of machine learning and adaptive analytics, FraudSight connects billions of in-store and online transactions, behavioral data, confirmed fraud events and other contextual factors, to self-learn and identify new fraud trends in real time. “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,” said Asif Ramji, chief product and marketing officer at Worldpay in a press release. “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.”
The rules of commerce are being rewritten daily and fraudsters are evolving in lockstep. Fraud defenses of yesterday struggle to stand ground against today’s tidal wave of change. As fraud continues to accelerate, merchants of all sizes are struggling to keep up. That’s why the company launched FraudSight, Worldpay told Transaction Trends at TRANSACT.
With visibility into 40 billion transactions—and millions of known fraudulent ones—FraudSight builds fraud models based on a robust amount of data allowing it to make smarter decisions on authorizations. Because the right fight isn’t just about declining bad transactions, FraudSight can see the larger context of a cardholder’s activity across both card present and card-not-present transactions to reduce false-positive declines as well.
Worldpay’s omnichannel fraud solution was developed for both in-store and online businesses. In addition, it has varying levels of configuration to allow the merchant to take as much or as little control as their business needs.