Protect Your Business While Providing a Great Experience for Customers Worldwide
Table of Contents
After having more than doubled from 2011 to 2018, global card fraud losses are projected to reach over $40 billion by 2027. (Nilson) Fraud management is a crucial part of loss prevention, and with more consumers choosing local and alternative payment methods, fraud prevention has become even more complex for businesses.
That’s why Rapyd has created and launched Rapyd Protect, the first fraud management solution designed to work globally across multiple payment methods. This allows merchants to offer the payment methods their customers prefer while limiting fraud risk.
Why the Need for Fraud Management?
With the rise of ecommerce, particularly since the COVID-19 pandemic, payment fraudsters are seeing more and more opportunities to commit crimes. In addition to fraudsters who use identity theft and stolen payment credentials, chargeback fraud is also on the rise.
Chargeback fraud occurs when a consumer makes an online purchase with their own credit card, then contacts the issuing bank to dispute the charge and cancel payment after they have received the goods. Often the merchant is liable for these expenses. As online purchase volume grows, preventing chargebacks using identity verification technologies like 3D Secure has become a high priority for merchants.
Merchants continually try to make online purchases faster and more convenient for consumers by investing in frictionless commerce experiences.
Factors that Reduce Friction and Drive Sales
- A global presence
- Offering customers preferred payment methods
- A smooth checkout experience, including single-click checkout
- Free shipping and returns
But, these efforts, which reduce friction for shoppers, can also make merchants more vulnerable to fraud. High-friction security measures like the ones below can protect businesses but can also reduce online conversion rates and sales.
Factors that Reduce Fraud but Increase Friction
- Limiting the geographical reach of sales
- Not offering a variety of payment methods
- Multiple fields at checkout, making it take longer
- Fraud rules that are so strict they generate a lot of false positives
To offer a fantastic customer experience while protecting their businesses against fraud merchants need an effective globe fraud solution that works across countries and payment methods.
Introducing Rapyd Protect, The Global Solution to the Global Problem of Payment Fraud
Rapyd Protect was designed to support the complete gamut of payments. Here’s a look at the features and benefits that make Rapyd Protect the best fraud management system for cross-border commerce.
Comprehensive Payment Fraud Management
Our extensive proprietary rules engine, along with AI modeling and unique data insights, make high-risk transactions easier to recognize – whether the payment method is a card, ewallet or bank transfers.
Fully Integrated Approach
The only fraud prevention solution combined with the world’s largest global payments network. Rapyd Protect is incredibly effective no matter where or how you are accepting or sending payments.
Easy to Use
Create custom rules that make fraud management work with your unique business needs. Do things like manually review certain high-risk transactions, set triggers for 3D Secure, block certain BIN ranges and more.
Protect Your Business from Fraud While Continuing to Deliver Great Customer Experiences Worldwide with Rapyd Protect. Learn More.
Sources:
Nilson. The Nilson Report. 1164 ed., Nilson, 2019. https://nilsonreport.com/, https://nilsonreport.com/upload/content_promo/The_Nilson_Report_Issue_1164.pdf.
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