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Combating Payments Fraud
The global payments industry is experiencing major shifts with successive disruptive innovations coupled with the ever-rising consumer demand for more user-friendly and frictionless payments experience. Discerning new age consumers’ demand for more frictionless payment options are fulfilled by merchants and payment service providers (PSPs) with a range of modern payment schemes that are potentially vulnerable and are often exploited by the organized fraud syndicates.
New-age, sophisticated fraud rings perpetrate new fraud schemes and designs that pose a daunting challenge for all players in the payments business. The hyper-accelerated growth of eCommerce has unlocked new opportunities and boundaries for merchants but also ushers security concerns. The introduction of EMV has further heightened the challenge with fraud rings focusing on CNP schemes.
The proliferation of new-age payment innovations demand PSPs to enhance offerings to provide superlative user experience amidst increased fraud vulnerability. Merchants and PSPs are under constant pressure to offer the consumers with their preferred payment options while keeping the fraud risk under check.
The need of the hour therefore is combating fraud smartly without impacting customer experience.
Run by leading financial institutions in 15 countries, Clari5 is a global category leader in real-time cross-channel fraud prevention. One of Clari5’s largest implementations is protecting more than 10 million card holders at a single site.
Clari5’s multitenant solution serves Issuers, Acquirers, TPPs, Merchants and PSPs by providing an efficient and flexible rules engine, further strengthened with bespoke AI & ML models.
Clari5 covers both CP and CNP channels including, but not limited to, ATM, POS, eCommerce, Wallets and Gateways.
Clari5’s bolt-on architecture enables seamless integration with most payments systems and ingests data from source.
Discover how Clari5 can insulate your payments operations from fraud without impacting customer experience.
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