Worldwide card issuing platform Marqeta is introducing a new product or service suite the business explained will enable clients that use its card-issuing system combat fraud — a problem predicted to create losses of $400 billion about the up coming 10 yrs.
The Oakland, California, organization said in an announcement that the suite, termed RiskControl, “is developed to present Marqeta’s clients with detailed hazard, compliance, and fraud management capabilities throughout the cardholder lifecycle.”
One attribute is a established of “finely tuned transaction controls” that Marqeta stated will support curtail payment fraud. RiskControl also features current variations of current Marqeta merchandise.
RiskControl is a suite of 4 items: a Know Your Client (KYC) identification verification process a Real-Time Decisioning resolution to handle payments fraud a 3D Protected resource to authenticate on the net transactions and Disputes software to control disputes and chargebacks.
See also: Shopper Enthusiasm for Playing cards and BNPL Underpin Marqeta’s 76% TPV Advancement
According to Marqeta, extra than 450 billion card payments globally ended up processed in 2020, and the pandemic only has amplified need for digital transactions.
“When we communicate to our customers, the threat of payment fraud arrives up persistently as a person of their biggest enterprise considerations. We’re seeing fraud increases throughout the world weigh closely on card issuers and processors, intensifying the need to have to offer remarkably powerful possibility and fraud management options that are tailored to unique cardholder ordeals,” Randy Kern, main engineering officer of Marqeta, claimed in a geared up assertion.
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