Worldpay Implements Advanced Antifraud Tool
Oct. 16, 2014
London-based PSP Worldpay yesterday launched a new antifraud tool for e-commerce merchants it said can be specifically tailored to root out fraud in online transactions for nearly two dozen different verticals. The company said its RiskGuardian, which was developed in partnership with merchants, can cut fraud losses by more than 50 percent and can be customized for the retail, gaming, travel and gambling sectors.
“Global e-commerce sales are set to hit $1.5 trillion in 2014 and non-card payments are expected to form the majority of online transactions by 2017. Whilst this brings huge opportunities for online merchants, it also presents challenges such as online fraud,” says Kevin Dallas, chief product officer at Worldpay. “One in three consumers have fallen victim and every fraudulent dollar costs merchants $3.08 [according to the 2014 LexisNexis True Cost of Fraud Study ] eating away at profit. That’s why we’ve partnered with e-commerce merchants across the globe to create an industry-leading fraud management tool that ensures merchants can take immediate preventative action.”