New risk management tool designed in partnership with ecommerce merchants can cut profit losses by more than 50%
London, 15th October 2014 – Worldpay, the global online payments specialist, has launched RiskGuardian, a new risk management tool that uses the latest technology to combat fraud and help online businesses operate more efficiently. Worldpay is the only online payments provider that offers acquiring, gateway, treasury and alternative payments, and is therefore uniquely positioned to offer a truly advanced fraud product. The tool, which was developed in partnership with ecommerce merchants across the globe, offers more accurate risk checks to increase the acceptance of good transactions and minimise fraudulent ones. 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%.
“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. 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.”
Worldpay used its years of expertise gained from processing billions of online transactions, and unrivalled payments coverage, 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 even further, ensuring it meets every company’s exact needs.
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 acquiring data, RiskGuardian can help businesses make more precise decisions. This ensures good transactions aren’t being rejected unnecessarily as well as reducing fraudulent transactions, making a real difference to profit margins.
Worldpay is a leading global provider of payment and risk services, processing millions of transactions every day. Worldpay is a unification of seven leading retail payment solutions and offers a range of services including acquiring, gateway, alternative payments, risk management, and mobile payments. Worldpay became an independent company in December 2010. www.worldpay.com
Worldpay press contact
Roberta Main-Millar / Phoebe Scott
Octopus Group for Worldpay, +44 (0) 845 3700 655