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
The Ultimate FinTech & InsurTech LIVE Event
From October 12th-14th, 2021, BizClik’s FinTech & InsurTech live event will bring together influential executives from around the world. Live from London, this three-day event will be an excellent way to finish the year strong, gaining the confidence your company needs to move forward into the future.
With keynote addresses from global leaders, dynamic roundtable discussions, and extensive networking opportunities, FinTech & InsurTech live will expand your network, deliver insight, and enhance your organisation’s reach. Events include a forum on financial services, discussions centred on racial equality and women in fintech, and APAC, EMEA, and US-focused sessions that capture insights from around the world.
The event will include:
- Keynote addresses from respected industry leaders
- Dynamic live roundtables (inc. Q&A)
- Fireside discussions
- Inspirational Speakers & Presentations
- Extensive networking opportunities
Scope Out the Agenda
This week, we’ll share our weekend schedule of events, filled with essential industry topics and keynotes replete with knowledge and insight. Here’s a rundown of the three-day schedule:
Kicking off at 10 AM with a welcome message from our CEO Glen White, the first day of FinTech and InsurTech Live won’t pull any punches. We discuss racial equality, inventive financial services, and cloud migration—and that’s just the morning lineup.
Later on, we’ll cover supplier diversity, AI digital transformation, and fintech sustainability, in addition to cloud and digital transformation in global insurance. Don’t worry—we have a networking lunch in-between events! Finally, we’ll close out the day with online banking, women in fintech, and a recap of Day 1.
First we’ll hear from Scott Birch, our expert BizClik Media Editorial Director and facilitator, live from the Fintech Leaders Stage. We then jump into the future of digital payments, unicorns, and digital insurance brokers. Interested in learning more about digital underwriting and digital payment solutions? You’ve come to the right place.
In the afternoon, we’ll touch on CX in insurance, host a forum on financial services, and discuss what the world might look like as a cashless society, plus the future of challenger and neo banks. Wrapping up, we’ll talk tech and AI in insurance, PayTech, and hear from a surprise inspirational speaker. But we’re not done yet.
As is only fitting, BizClik’s CEO, Glen White, will introduce our APAC sessions, highlighting the critical role that Asia will play in the future of fintech and insurance. Following his remarks, we’ll open up the floor for a chat about digital banking, discuss technology in APAC, and hear from Dipu KV in an iconic keynote address.
After a series of thought leaders and networking sessions, we’ll head into an EMEA-focused session, which includes an EMEA technology panel, a CDO keynote, and a Europe enterprise presentation. In fact, this day’s events span the globe. Next up is a USA regional keynote, followed by a US CIO presentation and talks about enterprise.
A final end-of-event farewell will close out the weekend, wrapping up a successful FinTech and InsurTech global event. Can’t miss it. We look forward to seeing you there!