Rapyd launches cross-border fraud countermeasure
UK-based fintech Rapyd is rolling out a new countermeasure to combat the rise in cross-border payments fraud.
Rapyd Protect supports card transactions and more than 900 alternative payment methods (APMs). It uses machine learning and proprietary data sets to identify and stymie fraudulent activity, protecting businesses and improving the experience for retail customers.
Fraud on the rise
With the introduction of new APMs gaining pace around the world through digital wallets, real-time payments networks and bank transfers, fraud is on the rise. A survey conducted by The Association for Financial Professionals last year found that four in five organisations had been impacted by payments fraud, with AFP president and CEO Jim Kaitz calling it “a persistent problem that is only getting worse”.
Further projections anticipate a decline in the value of global card fraud as a percentage of transactions, but predict the overall volume will continue to climb to around $40bn by 2027, a near 40% increase in 10 years. Online fraud is rapidly overtaking more ‘traditional’ weakspots, such as cheque fraud. Juniper Research projects online sellers will lose $130bn to online payments fraud between 2018 and 2023.
Fighting fraud on a global level
Rapyd says its new system aims to combat fraud at the source and will be embedded across some of the world’s biggest payment networks. Businesses can customise Rapyd Protect to best meet their needs and risk profile. It can also be embedded as an additional layer of security on top of existing fraud prevention tools.
“We combine our globe-spanning insights with unique data, and extensive rules libraries to decrease risk, reduce chargebacks, and fight fraud on a global level across more payment methods," said Helcio Nobre, Chief Product Officer, Rapyd
Everton FC signs Sokin as its global payment partner
Everton Football Club have signed up Sokin as their official global payments partner.
Sokin is a new global currency account provider that specialises in creating open and transparent payments platforms.
The innovative fintech which launched in 2019, has agreed to a multi-year partnership that will see Sokin’s cutting-edge platform handle the Liverpool-based football club’s global currency transactions.
Disruptive startup fintech
Sokin’s founder Vroon Modgill, a first-generation immigrant, discovered how cumbersome money exchanges were and set about creating a frictionless system that can transfer funds cheaply, swifty and easily to global destinations.
The London-based fintech has grown massively since its launch and now has offices in 10 countries. Sokin also provides a streamlined subscriber platform that opens up global access to FX transfers and payments, allowing people and businesses to transact in 38 currencies and 200 countries and territories.
Fintech partnership with Everton FC
The long-term agreement with Everton sees Sokin further boost the Blues’ growing partnership portfolio while the fintech’s collaboration with the football club strategically supports Everton's FX and payments requirements via its global platform.
The partnership will also propel Sokin into a new position as a leading global fintech provider. Modgill said of Everton FC, “This ethos is a fantastic fit for Sokin’s services. As a leading financial service provider, we exist to make global payments simple and offer a trouble-free service that our customers can trust.
“We look forward to seeing the Sokin name appear around Goodison Park – one of football’s most iconic stadiums – and embarking on this journey together. Sokin – the People’s Card, working with the People’s Club.”
Speaking about the partnership, Alan McTavish, commercial director at Everton, explained, “We are delighted to welcome Sokin on board as our newest club partner and look forward to helping them promote their leading global payments offering to millions of our fans and followers around the world.
McTavish added, “Working with such a global brand is an integral part of our commercial growth strategy. Sokin is a truly innovative, forward thinking company that puts its customers and customer experience at the centre of its operation and is a perfect fit within our exciting partnership portfolio.”