World-wide card issuing platform Marqeta is introducing a new product or service suite the organization mentioned will support prospects that use its card-issuing platform fight fraud — a challenge expected to create losses of $400 billion more than the upcoming 10 many years.
The Oakland, California, business stated in an announcement that the suite, referred to as RiskControl, “is designed to offer Marqeta’s shoppers with extensive risk, compliance, and fraud management capabilities throughout the cardholder lifecycle.”
1 characteristic is a established of “finely tuned transaction controls” that Marqeta mentioned will help curtail payment fraud. RiskControl also involves up to date versions of current Marqeta goods.
RiskControl is a suite of four goods: a Know Your Shopper (KYC) identification verification system a Actual-Time Decisioning remedy to regulate payments fraud a 3D Protected resource to authenticate on line transactions and Disputes device to regulate disputes and chargebacks.
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In accordance to Marqeta, more than 450 billion card payments globally ended up processed in 2020, and the pandemic only has elevated demand from customers for electronic transactions.
“When we talk to our clients, the menace of payment fraud arrives up persistently as a person of their greatest business concerns. We’re observing fraud raises globally weigh heavily on card issuers and processors, intensifying the want to offer hugely powerful danger and fraud management solutions that are personalized to individual cardholder experiences,” Randy Kern, chief technological know-how officer of Marqeta, explained in a well prepared assertion.