Global financial technology Fintech FIS (NYSE: FIS) has announced that its SecurLOCK card fraud management solution is poised to deliver an increase in accurately identified and prevented fraudulent card transactions utilizing a new collaboration with FIS Fintech Accelerator alumnus Stratyfy.
The gains anticipated from this collaboration “come at a critical time in the payments industry, with a new report finding fraud is expected to cost businesses and their customers more than $40 billion annually by 2027.”
With this anticipated advantage, customers may see “a better and safer card payments experience for consumers as more fraud attempts are stopped, saving numerous hours of resolution time per transaction.”
Through live customer testing, FIS estimated that “the SecurLOCK product was able to deliver a significant improvement of accurately identified and prevented fraudulent activity.”
Reducing this friction, consumers can be less “adversely affected by fraud rules and the disruption of “false positives” than ever before.”
Eric Kraus, Head of Fraud Services at FIS, said:
“With sophisticated fraudsters using new technologies to increase fraud attacks, both businesses and consumers are facing more risk than ever before. This new collaboration is a continuation of a commitment to implement new technologies, helping businesses prevent fraudulent behavior to protect the consumers they serve.”
Laura Kornhauser, CEO, and co-founder of Stratyfy, said:
“It’s rewarding to see how our unique machine learning approach can “enable better outcomes through this solution. Our relationship with FIS showcases the tremendous value that is possible through partnerships, and we’re thrilled to continue to build upon this important work.”
As noted in the update, FIS is a global provider of financial services technology solutions for financial institutions, businesses and developers.
They aim to improve the digital transformation of our financial economy, advancing the way the world pays, banks and invests.
They provide the confidence made possible “when reliability meets innovation, helping our clients run, grow and protect their business.”
Stratyfy says it is optimizing “how financial institutions make decisions, unlocking data-driven growth without added risks or the need for in-house data experts.”
With their interpretable AI solutions, financial institutions are “making more accurate, efficient, and fair financial decisions in credit risk, fraud, and compliance.”
