Today, First Data 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
Check out the full press release HERE to learn more.