Worldpay has announced its collaboration with Mastercard to
integrate Ethoca Alerts into its services. This move is anticipated to equip
over one million merchants associated with Worldpay with enhanced capabilities
to swiftly address transaction disputes, thereby mitigating the risks
associated with chargebacks.
Ethoca Alerts, a proactive solution offered by Mastercard,
functions seamlessly across various payment brands, furnishing a preemptive
system to intercept potential disputes before it escalates to chargebacks.
This mechanism facilitates the speedy resolution of transaction discrepancies and bolsters merchants’ defenses against financial losses attributable to
fraudulent activities.
Johan Gerber, EVP, cyber and intelligence, Mastercard, Source: LinkedIn
The proliferation of chargeback incidents poses a
significant challenge for merchants, underscoring the urgency for robust
preventive measures. Industry forecasts predict a staggering surge in
chargeback volumes, expected to reach 337 million by 2026, reflecting a
substantial escalation of 42% from the levels recorded in 2023.
Gabriel de Montessus, the EVP of Global Enterprise at Worldpay,
said: “We’re pleased to bring this solution to the market in partnership with
Mastercard to deliver more value and innovation to our clients.”
Worldpay partners Mastercard to fight payment fraud https://t.co/NfLfgXRtUO
— Pay2Z (@Pay2Z) March 26, 2024
Gabriel de Montessus, EVP, global enterprise, Worldpay, Source: LinkedIn
Meanwhile, Network
International, a key player in digital transactions across the Middle East and
Africa, extended Mastercard’s Brighterion fraud prevention solution to
over 60,000 merchants. Utilizing artificial intelligence, this collaboration
aims to enhance transaction security and promote industry growth through robust
fraud prevention and monitoring services, safeguarding merchants and customers
from escalating fraudulent risks.
A $1.6 Billion Shield against Fraudulent Chargebacks
Mastercard’s proprietary data underscores the efficacy of
Ethoca Alerts in curbing fraudulent chargeback claims. Between 2022 and 2023,
the implementation of Ethoca Alerts was credited with averting an estimated $1.6
billion in losses stemming from fraudulent chargebacks. This substantial figure
underscored the tangible benefits and efficacy of proactive dispute resolution
mechanisms in safeguarding merchants’ financial interests.
Johan Gerber, the EVP of Cyber and Intelligence at Mastercard, said:
“This partnership with Worldpay extends our powerful technology to even more
merchants around the world, reducing fraud.”
Worldpay has announced its collaboration with Mastercard to
integrate Ethoca Alerts into its services. This move is anticipated to equip
over one million merchants associated with Worldpay with enhanced capabilities
to swiftly address transaction disputes, thereby mitigating the risks
associated with chargebacks.
Ethoca Alerts, a proactive solution offered by Mastercard,
functions seamlessly across various payment brands, furnishing a preemptive
system to intercept potential disputes before it escalates to chargebacks.
This mechanism facilitates the speedy resolution of transaction discrepancies and bolsters merchants’ defenses against financial losses attributable to
fraudulent activities.
Johan Gerber, EVP, cyber and intelligence, Mastercard, Source: LinkedIn
The proliferation of chargeback incidents poses a
significant challenge for merchants, underscoring the urgency for robust
preventive measures. Industry forecasts predict a staggering surge in
chargeback volumes, expected to reach 337 million by 2026, reflecting a
substantial escalation of 42% from the levels recorded in 2023.
Gabriel de Montessus, the EVP of Global Enterprise at Worldpay,
said: “We’re pleased to bring this solution to the market in partnership with
Mastercard to deliver more value and innovation to our clients.”
Worldpay partners Mastercard to fight payment fraud https://t.co/NfLfgXRtUO
— Pay2Z (@Pay2Z) March 26, 2024
Gabriel de Montessus, EVP, global enterprise, Worldpay, Source: LinkedIn
Meanwhile, Network
International, a key player in digital transactions across the Middle East and
Africa, extended Mastercard’s Brighterion fraud prevention solution to
over 60,000 merchants. Utilizing artificial intelligence, this collaboration
aims to enhance transaction security and promote industry growth through robust
fraud prevention and monitoring services, safeguarding merchants and customers
from escalating fraudulent risks.
A $1.6 Billion Shield against Fraudulent Chargebacks
Mastercard’s proprietary data underscores the efficacy of
Ethoca Alerts in curbing fraudulent chargeback claims. Between 2022 and 2023,
the implementation of Ethoca Alerts was credited with averting an estimated $1.6
billion in losses stemming from fraudulent chargebacks. This substantial figure
underscored the tangible benefits and efficacy of proactive dispute resolution
mechanisms in safeguarding merchants’ financial interests.
Johan Gerber, the EVP of Cyber and Intelligence at Mastercard, said:
“This partnership with Worldpay extends our powerful technology to even more
merchants around the world, reducing fraud.”
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- Source: https://www.financemagnates.com//fintech/worldpay-integrates-mastercards-ethoca-alerts-to-combat-chargeback-surge/
