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A risk management tool to combat fraud and help online businesses operate more efficiently has been unveiled by internet payments specialist Worldpay.
The RiskGuardian tool provides accurate risk checks to increase the acceptance of good transactions and minimise fraudulent ones.
It can run more than 200 checks per second on each transaction and identify emerging fraud patterns.
This means it can cut fraud losses by more than 50%, the company claims.
RiskGuardian is tailored to more than 20 business sectors, including travel, retail, gaming and gambling, enabling merchants to utilise applicable data to optimise their profiles.
Chief product officer Kevin Dallas said: “Global e-commerce sales are set to hit $1.5 trillion in 2014 and non-card payments are expected to form the majority of online transactions by 2017.
“Whilst this brings huge opportunities for online merchants, it also presents challenges such as online fraud.
“One in three consumers have fallen victim and every fraudulent dollar costs merchants $3.08 – eating away at profit.
“That’s why we’ve partnered with e-commerce merchants across the globe to create an industry-leading fraud management tool that ensures merchants can take immediate preventative action.”