Online payment fraud is becoming more prevalent due to a rise in online transactions during the global pandemic, with The City of London Police reporting online shopping fraud was up 42% in the UK from March 2020 to March 2021. To address this threat emerchantpay, a leading online, mobile and POS payment service provider, has partnered with The ai Corporation (ai) to enhance emerchantpay’s fraud prevention capabilities for its card issuing programme.
emerchantpay’s CEO, Jonas Reynisson, says, “It is the responsibility of the entire payments industry to tackle fraud and protect businesses and consumers alike. We selected The ai Corporation to provide our card issuing programme with an advanced risk engine tool, as they offer a best-in-class cutting edge service, powered by machine learning technology and designed to combat card fraud in a sophisticated manner”.
Dr Mark Goldspink, CEO of ai, says: “We are delighted emerchantpay has selected to adopt our aiFraud Managed Service, and we look forward to working together to enhance their fraud prevention capabilities. This partnership ensures emerchantpay gains access to our latest automated technology (aiAutoPilot ML) and our industry-leading fraud experts to optimise the ai’s world-leading human and machine capabilities”.
The aiFraud Managed Service, which is powered by ai’s new automated machine learning, harnesses the power of the latest machine learning technologies and our world-leading fraud prevention expertise. This end to end service currently operates in over 50 countries worldwide and monitors more than 500 million card transactions a year.