Worldpay is looking to reduce fraud with a new platform that uses machine learning to assess the validity of online transactions. Dubbed FraudSight, the new platform will examine prior online and in-store behavior to create a card profile that adds context to future purchases.
FraudSight is specifically designed to address fraud that occurs during transactions in which no card is present, as is the case for online purchases. Those transactions present a higher risk to retailers, who cannot guarantee that the card number used to make a purchase was not stolen or compromised in some way.
By analyzing previous transactions, FraudSight will be able to identify and prevent any suspicious activity while still allowing legitimate business to proceed.
“Managing fraud isn’t just about keeping out all of the bad transactions; you also have to ensure that the good transactions are still getting through,” said Worldpay Chief Product and Marketing Officer Asif Ramji. “FraudSight will help protect our merchants and their customers against the financial threat that fraud poses.”
According to Worldpay, most North American merchants will be able to integrate FraudSight without making any changes to their existing payment infrastructure.
Worldpay has taken several steps to improve card security in recent years. The company has previously worked to facilitate the rise of mobile payments, and has also tried to boost credit card security through a CVV-oriented partnership with IDEMIA.