Barclays Transact is a suite of tools designed to help merchants make their online transactions both simpler and safer. Its new fraud module is powered by Kount, and it uses complex data linking within the Identity Trust Global Network and AI algorithms to detect fraudulent transactions in real-time, at the point of checkout, helping protect the business from false positives and chargebacks.
In addition, the fraud module can help businesses prepare for the introduction of the EU’s SCA regulation, which aims to tackle growing rates of fraud and cybercrime. SCA requires that all EEA transactions go through a two-factor authentication process, unless they qualify for an exemption. Transact’s solution can help businesses overcome the friction by taking advantage of SCA-approved Transaction Risk Assessment (TRA) exemptions – which is where transactions are judged to be sufficiently genuine, and therefore allowed to skip the two-factor authentication process up to pre-agreed thresholds.
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