TROY—North American Bancard Holdings LLC, the Troy-based payment technology provider, and Feedzai, with a diverse product platform, and Feedzai, a San Mateo, Calif.-based company that offers fraud detection products in e-commerce, announced a fraud detection system for NAB customers.
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. The companies said this will 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.”
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 the 2018 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.