International card issuing system Marqeta is introducing a new solution suite the business mentioned will help customers that use its card-issuing system battle fraud — a dilemma predicted to crank out losses of $400 billion in excess of the following 10 a long time.
The Oakland, California, company said in an announcement that the suite, named RiskControl, “is made to offer Marqeta’s prospects with complete hazard, compliance, and fraud administration abilities across the cardholder lifecycle.”
A single attribute is a set of “finely tuned transaction controls” that Marqeta said will assistance curtail payment fraud. RiskControl also contains up-to-date variations of existing Marqeta solutions.
RiskControl is a suite of 4 merchandise: a Know Your Buyer (KYC) identification verification technique a Authentic-Time Decisioning answer to manage payments fraud a 3D Protected resource to authenticate on the web transactions and Disputes resource to manage disputes and chargebacks.
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In accordance to Marqeta, far more than 450 billion card payments globally have been processed in 2020, and the pandemic only has greater demand from customers for electronic transactions.
“When we talk to our customers, the menace of payment fraud comes up continually as just one of their biggest enterprise considerations. We’re viewing fraud improves around the globe weigh seriously on card issuers and processors, intensifying the want to give remarkably effective chance and fraud administration remedies that are personalized to particular person cardholder experiences,” Randy Kern, chief technological know-how officer of Marqeta, claimed in a organized assertion.