Global financial technology leader FIS® (NYSE: FIS) has announced a groundbreaking collaboration with FIS Fintech Accelerator alumnus Stratyfy, aimed at boosting the efficacy of its SecurLOCK™ card fraud management solution. This partnership is expected to significantly improve the identification and prevention of fraudulent card transactions, providing customers with a better and safer card payment experience.
With fraud projected to cost businesses and their customers over $40 billion annually by 2027, the need for robust fraud management solutions has never been greater. FIS recognizes this critical requirement and seeks to provide its customers with an advanced tool to combat fraud attempts effectively.
Through extensive live testing with customers, FIS observed a remarkable enhancement in accurately identifying and preventing fraudulent activity using the SecurLOCK product. By reducing friction and minimizing the number of “false positives,” consumers will experience fewer disruptions and detrimental effects caused by fraud rules.
“The ever-increasing risk posed by sophisticated fraudsters demands proactive preventive measures,” stated Eric Kraus, Head of Fraud Services at FIS. “This collaboration exemplifies our commitment to deploying cutting-edge technologies that aid businesses in protecting the consumers they serve by thwarting fraudulent activities.”
Stratyfy, a prominent player in the field of artificial intelligence and machine learning, is excited about the prospects of this collaboration. CEO and co-founder Laura Kornhauser noted, “Our unique machine learning approach offers the potential for better outcomes in combating fraud through this solution. The partnership with FIS underscores the immense value that can be achieved through collaborative efforts, and we are thrilled to continue building upon this important work.”
To showcase the achievements of this collaboration, FIS and Stratyfy will be participating in the panel discussion titled “Advancing The Blueprint For Fraud Protection In Modern Banking” at CBA Live on Monday, March 25th, at 8 a.m. EST. This session will provide attendees with a comprehensive overview of the partnership and the significant enhancements it offers to FIS’ customers.
FAQs
Q: What is the objective of the collaboration between FIS and Stratyfy?
A: The collaboration aims to enhance FIS’ SecurLOCK card fraud management solution and improve the identification and prevention of fraudulent card transactions.
Q: How will this collaboration benefit consumers?
A: By leveraging advanced technologies, the collaboration will result in a better and safer card payment experience for consumers by preventing more fraud attempts and minimizing disruptions caused by false positives.
Q: What expertise does Stratyfy bring to this collaboration?
A: Stratyfy specializes in artificial intelligence and machine learning, offering a unique approach that promises better outcomes in combating fraud.
Q: Where can I learn more about this collaboration?
A: FIS and Stratyfy will be discussing their partnership and its enhancements at the panel session “Advancing The Blueprint For Fraud Protection In Modern Banking” at CBA Live on Monday, March 25th, at 8 a.m. EST.
In the financial industry, the need for robust fraud management solutions is becoming increasingly crucial as fraud continues to rise. According to industry forecasts, it is projected that fraud will cost businesses and their customers over $40 billion annually by 2027. With this in mind, FIS, a global financial technology leader, has partnered with Stratyfy, a prominent player in artificial intelligence and machine learning, to enhance its SecurLOCK card fraud management solution.
Through extensive live testing with customers, FIS has already observed significant improvements in accurately identifying and preventing fraudulent activity using the SecurLOCK product. By reducing friction and minimizing the number of “false positives,” consumers can expect fewer disruptions and detrimental effects caused by fraud rules.
The collaboration between FIS and Stratyfy exemplifies their commitment to deploying cutting-edge technologies that aid businesses in protecting the consumers they serve. Stratyfy’s expertise in artificial intelligence and machine learning brings a unique approach to combatting fraud, promising better outcomes in fraud prevention.
To showcase the achievements of this collaboration, FIS and Stratyfy will be participating in a panel discussion titled “Advancing The Blueprint For Fraud Protection In Modern Banking” at CBA Live on Monday, March 25th, at 8 a.m. EST. This session will provide attendees with a comprehensive overview of the partnership and the significant enhancements it offers to FIS’ customers.
For more information about this collaboration, you can attend the panel session at CBA Live. Further details about the event can be found on the CBA Live website: CBA Live.
The source of the article is from the blog enp.gr