Retailers are set to lose $130 Billion in digital/ CNP (Card-not-Present) fraud between 2018 and 2023 due to increasingly complex approaches adopted by fraudsters and slow adoption of advanced fraud prevention solutions by retailers. It is easier than ever to buy card details online as such details are being compromised on regular basis further facilitating criminal activity to be done remotely from anywhere in the world.
Worldwide card fraud in 2018 was $28.8 Billion and is predicted to touch $42.3 Billion by 2026 where the majority of losses are related to CNP transactions which typically are the merchant’s liability. The FED reported that from 2015-2016, CNP fraud in the US increased from $3.4 Billion to $4.6 Billion. Identity theft is fuelling CNP fraud that can wreak havoc amongst merchants as cybercriminals are using AI (Bot) to gather legitimate credentials. Card companies have taken major steps to thwart cybercriminals, but the major shift of consumers and cybercriminals to mobile platform puts the responsibility back on merchants to step up in the battle against CNP fraud.
QPS Harnessing AI & API Power to Secure CNP Transactions
QPS CNP fraud prevention services travel through the API channel, making it feasible for clients to integrate their transaction data quickly and conveniently facilitating secure payments.The API integration also allows AI and machine learning models to detect 100% anomaly while increases transaction approval rate and reduces processing and customer service time.
QPS’ Proactive Chargeback Prevention
QPS is on the cutting edge of chargeback protection with proprietary CNP Secure – a robust fraud detection and complete chargeback solution for merchants. To ensure maximum ROI, QPS utilizes state of the art analysis of BIG Data analytics architecture to enhance the order acceptance for merchants across industries. QPS combines human eye review with AI to derive the fraud score by analyzing a powerful database. Analysts highlight customers’ behavior to negate the chargeback propensity termed as the Chargeback Propensity Rate (CPR) for eliminating the possibilities of losses arising out of CNP fraud and chargeback.
QPS Will Facilitate Your Business Growth
QPS’ AI driven multi-layered fraud prevention solution helps merchants by preventing fraud and offering major gains in terms of recovering potentially lost revenue through false positives. Integration with Open API helps to increase operational efficiencies and mitigating the risk of business losses while CNP Secure provides a complete chargeback solution.
QPS Effectiveness Snapshot – Proven Track Record
All You Need is an Advanced AI-Enabled Fraud Prevention Solution
Winning is more than just lowering chargeback rates, it can be achieved by leveraging automation which will turn your chargeback into a revenue making opportunity. AI enables machine learning to design and implement algorithms to learn things from past cases and automate at various thresholds to customize rules for real-time analysis.
QPS marked its presence in the CNP space third time in a row by getting nominated for CNP Awards 2019 in ‘Best Antifraud Solution’ category. Visit https://www.cnpawards.com/2019-CNP-Awards-Nomination-Voting/ to cast your vote for QPS, enabling us in providing you a smarter fraud prevention solution.