Businesses offering instant bank transfers will be able to benefit from enhanced protection against fraudulent transactions.
Press release.- Nuvei Corporation, tomorrow’s payment platform, announces today the launch of a new risk management model underpinned by cutting-edge machine learning technology for its Instant Bank Transfer product in North America.
A pioneering algorithm has been integrated into a new risk engine for the extremely popular account-to-account payment method. Factors such as account age, transaction value, and balance usage will be analyzed by the engine to determine the risk level that a transaction is fraudulent and augment existing levels of security. There will be no impact on consumer experience or businesses’ existing single integration with Nuvei.
The machine learning model extracts complex patterns to improve the identification of fraudulent activity and reduce false positives where legitimate transactions are declined. Benefits of processing vast amounts of data with no latency in this way include:
- Improved customer retention as legitimate consumers are less likely to have their transactions declined
- Higher acquisition as the model makes smarter decisions on accepting payments from new customers
- Reduced risk and higher confidence when transactions are accepted or rejected
- Lower costs as financial penalties associated with the fraudulent activity are minimized
By using this decision engine merchants will see improvements as high as 30 per cent in the detection of fraudulent transactions, including friendly fraud, from the launch day. Nuvei expects this score to keep improving as the model has been designed to auto-improve its ability to identify bad actors as it processes more data and identifies deeper relationships.
Nuvei Chair and CEO Philip Fayer commented on the announcement: “We’re really excited to bring this new solution to our merchants to help accelerate their business. We continue to invest in our AI and data management. We are constantly innovating our products to develop features that reduce fraud and maximize revenue for our customers through customized solutions that meet their exact needs. This is only the beginning and we can’t wait to announce other game-changing innovations in the near future.”