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FIS Offers Greater Card Fraud Detection Through New Artificial Intelligence Collaboration
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.
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