TROY, Mich., April 29, 2019 /PRNewswire/ -- North American Bancard Holdings, LLC (NAB), an innovative payment technology company with a diverse product platform, and Feedzai, a leader in the use of artificial intelligence for real-time risk management across commerce, today announced the launch of a comprehensive fraud solution that leverages machine learning to offer enhanced risk management and fraud protection for merchants.
The partnership has created customized fraud prevention tools that will address existing and adapt to new types of fraud, using real-time insights to detect fraud patterns and transaction anomalies. This will, in turn, improve both fraud prevention capabilities and merchant onboarding for NAB, while reducing consumer friction including false positives.
"Facilitating safe, secure and fast transactions while eliminating friction in the underwriting and risk processes through technological advancements is at the core of what we're trying to offer to merchants," said Jay Nadarajah, chief risk officer at North American Bancard. "These technological advancements drive efficiencies and speed in identifying fraudulent activity."
As businesses undergo digital transformations, there is a recognized demand for technology-based solutions to secure those omnichannel transactions. Nearly three quarters of businesses cited fraud as a growing concern over the past 12 months and 63 percent report the same or higher levels of fraudulent losses during the same period, as compared to the prior 12 month period, according to the2018 Experian Global Fraud and Identity Report.
Merchants need a reliable and cost-effective way to decrease the risk of fraudulent transactions, along with a frictionless merchant application experience, while at the same time enhancing fraud detection. These needs are precisely what the partnership between NAB and Feedzai is designed to address.
"Digital transformation across industries has been great for consumers, but also for increasingly sophisticated fraudsters looking for new ways to commit fraud," says Saurabh Bajaj, Feedzai Head of Product. "That's why we need a real-time AI engine that can secure transactions, using intelligence across all business channels. That's how we secure transactions, while also evolving to meet new challenges while growing alongside these businesses."
Feedzai is the market leader in fighting fraud with AI/ML. We're coding the future of commerce with today's most advanced risk management platform powered by big data and machine learning. Founded and developed by data scientists and aerospace engineers, Feedzai has one mission: to make banking and commerce safe. The world's largest banks, processors, and retailers use Feedzai's fraud prevention and anti-money laundering products to manage risk, while improving customer experience. To learn more, visit www.feedzai.com.
About North American Bancard Holdings
North American Bancard Holdings (NAB) is reimagining the payment experience. As a leading payment technology innovator, NAB has a diversified product platform that provides a modern end-to-end infrastructure to enable globally-preferred payment types. NAB's superior solutions deliver seamless payments experiences in mobile, online, and in-store environments. Serving more than 350,000 businesses and processing more than $45 billion in electronic payments annually, NAB delivers functional, frictionless solutions for our evolving merchant economy. For more information, visit www.nabancard.com.
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SOURCE North American Bancard