PayPoint FraudGuard 5.0 gets update for enhanced fraud risk assessments

LONDON | PayPoint has partnered with Sphonic to give online merchants more accurate and targeted fraud risk assessment and at the same time improve the overall customer experience.

In the latest version of its e-commerce risk management platform - called FraudGuard 5.0 - Sphonic’s datasets are integrated to give merchants more information in order for them to make more accurate and fair payment acceptance decisions.

FraudGuard 5.0

FraudGuard is an advanced point-and-click risk management tool for tackling potential mobile and online card fraud by making smart, real-time decisions based on consumer data.

Sphonic is an innovator in big data and applies third party vendor data to fraud, risk and Know Your Customer (KYC) functions. It aggregates large volumes of real-time data in risk processing, so end users can more efficiently discern genuine customers from fraudsters.

FraudGuard 5.0 makes smart decisions by understanding a customer’s general shopping behaviour. It continually adapts these insights in line with market and merchant changes. All backed up by detailed visual reports charting consumer behaviours against market averages and only highlighting specific anomalies where transactions truly need to be checked.

Minimize Declines for Genuine Transactions

FraudGuard 5.0 now gives businesses the ability to analyse a wider range of consumer information, seasonal trends and broader market data to make faster, targeted and intelligent decisions around unusual activity and assess genuine transactional risk.

The ‘smart’ platform learns typical merchant and market behaviour as they evolve, and provides a better customer experience by drastically reducing the number of legitimate purchases which get declined.

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The best online shopping experience possible

Our instant calculations expose anything from seasonal behavioural trends through to marketing promotions on high-end products, so fraud teams get a more realistic insight into whether or not a purchase is fraudulent. This means genuine customers won’t have their transactions declined and can instead enjoy the best online shopping experience possible,” comments Riten Gohil, CEO of Sphonic.

“Providing the best experience for the end-customer is at the heart of everything we do,” comments Dan Salmons, Managing Director, PayPoint Mobile and Online. “When it comes to card transactions, businesses need to find a balance between making sure they are spotting fraudulent activity and not alienating customers by declining legitimate card payments – which is often a fine line.

Coming This Spring

Fraudguard 5.0 is released this Spring and will be made available immediately to all existing clients using the product. PayPoint’s partnership with Sphonic will develop in coming months by enabling richer customer insight and enhanced decision making through the addition of external data sources.

More on PayPoint

PayPoint is a payment technology firm processing multi-channel payments and translating it into convenient, simple, value-added solutions through a uniquely strong combination of local shops, internet and mobile distribution channels. It handles over £14 billion from 775 million transactions annually for more than 6,000 clients and merchants.

PayPoints' core online payments platform is linked to 16 major acquiring banks in the UK, Europe and North America, delivering secure credit and debit card payments for over 5,100 online merchants. Click here to see PayPoint's profile on About-Payments.

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Sourced from Press Release by PayPoint, March 24th, 2015

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