LONDON | Worldpay launches RiskGuardian, a new risk management tool to combat online fraud and minimise losses for ecommerce merchants and online businesses.
Online Fraud Challenges
“Global e-commerce sales are set to hit $1.5 trillion in 2014 and non-card payments are expected to form the majority of online transactions by 2017. Whilst this brings huge opportunities for online merchants, it also presents challenges such as online fraud,” says Kevin Dallas, Chief Product Officer at Worldpay.
“One in three consumers have fallen victim and every fraudulent dollar costs merchants $3.08 – eating away at profit (LexisNexis - True Cost of Fraud Study). That’s why we’ve partnered with ecommerce merchants across the globe to create an industry-leading fraud management tool that ensures merchants can take immediate preventative action.”
RiskGuardian tailored to business sectors
Worldpay, offering a full set of payment services to merchants including card acquiring, gateway, treasury and alternative payment methods, used its years of payment expertise to develop RiskGuardian.
Unlike any other risk management tool on the market RiskGuardian is tailored to more than 20 business sectors, including retail, gaming, travel and gambling, enabling merchants to utilise applicable data to optimise their profiles. RiskGuardian can be customised, ensuring it meets every company’s exact needs.
Distinguish Good from Bad
RiskGuardian is quick to implement, limiting IT expenditure, and simple to manage, reducing administration time. Utilising a variety of different data sources, including alternative payments and card data, RiskGuardian can help businesses make more precise decisions.
It runs more than 200 checks per second on each transaction and identifies emerging fraud patterns, meaning it can cut fraud losses by more than 50%. This ensures good transactions aren’t being rejected unnecessarily as well as reducing fraudulent transactions, making a real difference to profit margins.