MOUNTAIN VIEW, Calif., Nov. 12, 2020 /PRNewswire/ — Rapyd, a global Fintech as a Service provider, announced today the launch of Rapyd Protect, a fraud solution designed to protect businesses and consumers against fraud across countries and payment methods. With the growing use of Alternative Payment Methods (APMs) globally, Rapyd Protect provides a smart defense against global fraud while empowering merchants to confidently offer customers their preferred payment method.
According to The Nilson Report, global card fraud is projected to reach over $37 billion in the next five years. Moreover, the Association of Certified Fraud Examiners reported in its global study that organizations lose an estimated 5% of revenue to fraud each year. As alternative payments such as ewallets, RTP networks, and bank transfers grow in popularity it is critical that businesses have access to solutions designed to protect both themselves and their customers from fraud, and to flag and block fraudulent transactions.
Rapyd Protect is the only fraud solution embedded in the world’s largest global payments network, which supports cards and over 900 APMs.”Rapyd’s primary commitment to global businesses is to ensure online customers can complete purchases with their preferred payment method, from major credit cards to local APMs. With Rapyd Protect we are reinforcing that promise by using best in class machine learning to safeguard alternative payments, protecting businesses, and improving the customers’ shopping experience. We combine our globe-spanning insights with unique data, and extensive rules libraries to decrease risk, reduce chargebacks, and fight fraud on a global level across more payment methods,” said Helcio Nobre, Chief Product Officer of Rapyd.
Providing deeper visibility into the latest fraud tactics and trends, Rapyd Protect utilizes sophisticated fraud decisioning models and proprietary data sources fed by its global payment network operating in over 100 countries. The scale and breadth of its global transaction footprint provides comprehensive and multifaceted fraud protection now available globally from a single platform. Designed to be easy to use, customizable to match the risk profile and needs of different business models, and even as an additional layer of protection on top of existing fraud prevention tools, Rapyd Protect ensures businesses can combat fraud and expand their customer bases by offering additional payment methods securely.