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News

FiveBy partners with Worldline

Friday 18 August 2023 11:45 CET | News

Worldline and FiveBy have partnered to provide payment processing and consulting services to their clients, aiming to reduce global ecommerce payment fraud.

With this partnership, Worldline and FiveBy are providing payment processing and consultative services to implement the Microsoft Dynamics 365 Fraud Protection (DFP) platform for their clients. Microsoft’s fraud protection platform utilises artificial intelligence as well as machine learning to protect merchants from various schemes.

Worldline announced its collaboration with Microsoft in 2022. Therefore, this cooperation allows enterprise-level customers like FiveBy to benefit from the Dynamics 365 technology solution without wasting time or resources on setup or onboarding. The solution's key features are: 

  • Hybrid fraud detection entails merging or combining static rules with enhanced machine learning. 

  • Adapting to fraud tendencies and optimising fraud detection using machine learning AI. 

  • Device fingerprinting is the collection of device telemetry for the purpose of device identification. 

  • Multi-hierarchy management enables a fraud management plan to be implemented at every level of the organisation. 

  • Risk appetite assessment, broad data network capability, manual reviews, the ability to take all card payments, and other features are available.

Worldline and FiveBy have partnered to provide payment processing and consulting services to their clients, aiming to reduce global ecommerce payment fraud.

 

The state of commerce fraud 

Digital commerce fraud is expected to surpass USD 48 billion in 2023 globally. According to a recent report by Business News Daily, every USD 1 in fraud experienced by a company will cost that same company USD 3 in recovery and expenses. Additionally, the speed at which fraud is evolving to avoid detection has become increasingly alarming to many companies engaged in global ecommerce. With the ability to employ artificial intelligence tools in fraud, the fraudsters themselves will be able to scale and continue to progress their methods.


At the same time, the rise in ecommerce is presenting small and mid-sized businesses with an opportunity to expand into new markets. Hence, selling products and services in international markets requires accepting several payment methods that are common in those areas. While paying with Visa, PayPal, and Mastercard is commonly used in the Americas, there are various other payment methods that consumers use in international markets. Therefore, merchants can face the challenge of guarding against fraudulent activities with unfamiliar payment methods.

This causes a predicament for many merchants. While they may have the desire to streamline transactions and accept as many potential purchases as possible, they also have to guard themselves against possible fraudulent transactions. For this reason, it may be necessary for businesses to find a way to leverage services that bring together international payment processing and fraud detection methods, that are tailored to their specific needs.
 

More about the companies 

Based in France, Worldline is a global digital commerce payment processor. The company works with businesses of all shapes and sizes to help them accelerate their growth journey smoothly and securely. With its advanced payment technology, local expertise and solutions customised for many industries, Worldline aims to empower the growth of over one million businesses around the world.


In July 2023, Worldline launched a mobility payments suite looking to facilitate consistent payments and increase access to mobility for all. According to the press release, the payment suite was an end-to-end solution that aims to provide an improved, hassle-free, and secure payment experience for all mobility operators, together with their customers.

Based in the US, FiveBy Solutions aims to identify and resolve piracy, critical fraud, and compliance issues. The company provides Risk Intelligence and Fraud consultancy services to its clients. FiveBy Solutions intends to bring industry experts’ strength and clarity to protecting its clients’ profits as well as managing their reputations.  


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Keywords: payments , ecommerce, fraud prevention, fraud detection, artificial intelligence
Categories: Fraud & Financial Crime
Companies: FiveBy, Worldline
Countries: World
This article is part of category

Fraud & Financial Crime

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FiveBy

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Worldline

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