FiveBy and Worldline Offer Solutions to Reduce Global Ecommerce Payment Fraud
16 August 2023 - 3:00PM
Business Wire
Globally, digital commerce fraud is expected to surpass $48
billion in 2023. According to a recent report, every one dollar in
fraud experienced by a company will cost that company $3 in
recovery and expenses.*
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While paying with VISA, PayPal, or
MasterCard is common in the Americas, there are many other payment
methods that customers use in international markets. Sellers can
face the challenge of safeguarding against fraudulent activities in
unfamiliar payment methods. (Photo: Business Wire)
In addition, the speed with which fraud is mutating to evade
detection is alarming many companies engaged in global ecommerce.
Now with the ability to employ artificial intelligence (AI) tools
in fraud, the fraudsters themselves will be able to scale and
continue to evolve their methods.
At the same time, the rise of ecommerce is providing small and
midmarket businesses with the opportunity to expand to new markets.
Selling products and services in international markets requires
accepting payment methods common in those markets.
While paying with VISA, PayPal, or MasterCard is common in the
Americas, there are many other payment methods that customers use
in international markets. Sellers can face the challenge of
safeguarding against fraudulent activities in unfamiliar payment
methods.
This situation poses a dilemma. On one hand, merchants have the
desire to streamline transactions and accept as many potential
purchases as possible and on the other hand, they must guard
against fraudulent transactions.
For this reason, the best way for businesses to expand to new
markets is to find a way to leverage services that bring together
international payment processing, and cutting-edge AI-enabled fraud
detection, that is fine-tuned for their business.
Worldline, one of the largest global digital commerce
payment processors, and FiveBy are working together to
provide payment processing and consultative services to implement
the Microsoft Dynamics 365 Fraud Protection (DFP) platform for
their clients. Microsoft’s stand-alone fraud protection platform is
rich in AI and machine learning to protect merchants from various
schemes.
According to Kelly Harvin, global head of channel partnerships
at Worldline, “Merchants seeking best in class fraud prevention can
benefit from the trifecta of the consultative expertise provided by
FiveBy, the single source solution of Microsoft DFP, and the
seamless integration of DFP with Worldline’s payment
processing.”
John Solheim, FiveBy Chief Commercial Officer reported, “We have
witnessed significant fraud prevention discoveries using DFP, even
during a trial engagement.” Worldline and FiveBy offer a
combination of expertise and digital commerce experience, to
combine adaptive AI with a global fraud protection platform.
Discover more about how to implement a strong international
ecommerce solution to prevent the increasing threats of fraud,
at FiveBy.com.
* https://www.businessnewsdaily.com/security/payment-fraud
FiveBy Solutions is a leading Risk Intelligence and Fraud
consultancy. FiveBy’s industry experts bring strength and clarity
to protecting our clients’ profits and managing their reputations.
For more information, go to www.FiveBy.com or email
johnsol@fiveby.com
Worldline [Euronext: WLN] helps businesses of all shapes and
sizes to accelerate their growth journey – quickly, simply, and
securely. With advanced payments technology, local expertise and
solutions customized for hundreds of markets and industries,
Worldline powers the growth of over one million businesses around
the world. www.worldline.com
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version on businesswire.com: https://www.businesswire.com/news/home/20230816056728/en/
John Solheim – FiveBy, 206-800-1710, johnsol@fiveby.com
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