FIS Offers Greater Card Fraud Detection through New Artificial Intelligence Collaboration
18 Marzo 2024 - 1:00PM
Business Wire
Key facts
- New collaboration with Stratyfy aims to deliver a material
increase in accurately identified and prevented fraudulent
transactions while also reducing false positives, creating a safer,
more frictionless card payments experience for clients and their
customers.
- Stratyfy is an alumnus of the FIS Fintech Accelerator
Program.
Global financial technology leader FIS® (NYSE: FIS) has today
announced that its SecurLOCK™ card fraud management solution is
poised to deliver an increase in accurately identified and
prevented fraudulent card transactions utilizing a new
collaboration with FIS Fintech Accelerator alumnus Stratyfy.
The gains anticipated from this collaboration come at a critical
time in the payments industry, with a new report finding fraud is
expected to cost businesses and their customers more than $40
billion annually by 2027. With this anticipated advantage,
customers may see a better and safer card payments experience for
consumers as more fraud attempts are stopped, saving numerous hours
of resolution time per transaction.
Through live customer testing, FIS estimated that the SecurLOCK
product was able to deliver a significant improvement of accurately
identified and prevented fraudulent activity. Reducing this
friction, consumers can be less adversely affected by fraud rules
and the disruption of “false positives” than ever before.
“With sophisticated fraudsters using new technologies to
increase fraud attacks, both businesses and consumers are facing
more risk than ever before,” said Eric Kraus, Head of Fraud
Services at FIS. “This new collaboration is a continuation of a
commitment to implement new technologies, helping businesses
prevent fraudulent behavior to protect the consumers they
serve.”
“It’s rewarding to see how our unique machine learning approach
can enable better outcomes through this solution,” said Laura
Kornhauser, CEO, and co-founder of Stratyfy. “Our relationship with
FIS showcases the tremendous value that is possible through
partnerships, and we’re thrilled to continue to build upon this
important work.”
Stratyfy will be joining FIS on the panel “Advancing The
Blueprint For Fraud Protection In Modern Banking” at CBA Live on
Monday, March 25th, at 8 a.m. EST. Together, they’ll provide a more
in-depth look at this partnership and the enhancements it brings to
FIS’ customers.
To learn more about how FIS helps clients to effectively fight
fraud, please click here.
About FIS
FIS is a leading global provider of financial services
technology solutions for financial institutions, businesses and
developers. We improve the digital transformation of our financial
economy, advancing the way the world pays, banks and invests. We
provide the confidence made possible when reliability meets
innovation, helping our clients run, grow and protect their
business. Headquartered in Jacksonville, Florida, FIS is a member
of the Fortune 500® and the Standard & Poor’s 500®. FIS is
incorporated under the laws of the State of Georgia as Fidelity
National Information Services, Inc., and our stock is traded under
the trading symbol "FIS" on the New York Stock Exchange. To learn
more, visit www.fisglobal.com. Follow FIS on Facebook, LinkedIn and
X (@FISGlobal).
About Stratyfy
Stratyfy, a women-led fintech, is optimizing how financial
institutions make decisions, unlocking data-driven growth without
added risks or the need for in-house data experts. With our
interpretable AI solutions, financial institutions are making more
accurate, efficient, and fair financial decisions in credit risk,
fraud, and compliance. Stratyfy was recognized as a Benzinga
Fintech Awards finalist in the "Best Lending Solution" category and
included in the AIFintech100 for the second consecutive year. For
more information, visit stratyfy.com and follow Stratyfy on
LinkedIn and X.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240318533957/en/
Kim Snider, 904.438.6278 Senior Vice President FIS Global
Marketing and Communications kim.snider@fisglobal.com
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