PAYSTRAX, a leading payment processing provider for merchants in the EU and UK, has partnered with Featurespace, a global fraud prevention and financial crime specialist, to strengthen its security against fraudulent activities. This collaboration leverages Featurespace's advanced technology to monitor and analyse merchant transactions, aiming to enhance fraud detection and prevention.
- Featurespace's Merchant Monitoring solution equips PAYSTRAX with real-time data analytics to quickly identify and prevent fraudulent transactions. This includes recalibrating rules and providing relevant transactional scores to detect suspicious activity and high-risk merchants efficiently.
- The partnership addresses a critical issue in the online payment industry, where cumulative global losses due to fraud are projected to reach $343 billion between 2023 and 2027. Effective fraud prevention is essential to mitigate these substantial financial risks for merchants.
- Featurespace's technology has demonstrated success in reducing fraud losses by up to 50% for other payment processors while minimising false declines. The ongoing consultancy support from Featurespace ensures PAYSTRAX can adapt to evolving fraud patterns and maintain robust fraud prevention measures.
This partnership highlights the commitment of both companies to enhancing the security and reliability of electronic payments across Europe.
