Fraud management tools are now available to Mastercard business customers through Equifax’s Kount Payment Fraud solution.
This collaboration aims to make fraud management tools such as Mastercard Identity, Ethoca Alerts and Ethoca Consumer Clarity available for Latin American users. The combined solutions protect the digital payments environment through identity verification and fraud risk assessment.
The companies aim to provide safer payment transactions and reduce chargebacks through order validation and alerting services, enabling businesses to increase their financial performance.
The Kount Payment Fraud solution from Equifax is used by more than 20,000 businesses operating in more than 40 countries around the world due to its real-time fraud prevention capabilities during transactions.
The global card fraud forecast for 2024 is USD 35.8 billion, which equates to 6.5 cents per USD 100 spent on cards. This is double the amount compared to 2014. Additionally, 34% of merchants experience first-party card fraud, with 42% of all ecommerce fraud occurring in the US, while 20% of all ecommerce revenue being lost to fraud in Latin America.
On almost every fraud metric for the ecommerce companies, Latin America suffered the most, while North America fared the best. 10% of annual ecommerce revenue is spent to manage payment fraud in Europe and the US compared to 15% in Asia Pacific and 19% in Latin America.
Latin America has one of the highest fraud rates globally, with studies showing that merchants are losing more than 4.6% of their ecommerce revenue to payment fraud.
With ecommerce revenue expected to double in the region from USD 85 billion in 2021 to USD 160 billion by next year, Equifax and Mastercard are helping businesses by stopping threats in real time.
For more information about Mastercard, please check out their detailed profile in our dedicated, industry-specific Company Database.
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