UTP Shield prevents fraud for merchants

Friday 4 February 2022 09:45 CET | News

UK-based fintech UTP has launched a free service to help protect its customers from fraud and chargebacks.

UTP Shield is a software algorithm that detects potentially fraudulent card transactions, or transactions that carry a chargeback risk. This then notifies the business owner via text and e-mail, informing them of the risk of potential chargebacks, and allowing them to place goods on hold to high-risk buyers.

The launch of the new product comes at a time when sellers lost USD 42 billion globally due to all types of fraud in 2020, and 75% of organisations across the world have reported an increase in fraud attempts over since 2020, according to a 2022 report by MRC.

Company officials stated that the UTP shield gets to know a consumers business, including creating a profile of usual trading hours, methods of payment accepted, and the location of customers, enabling the software to flag suspicious transactions, while operating 24/7.

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Keywords: product launch, fraud prevention, chargebacks, merchants, de-risking
Categories: Fraud & Financial Crime
Countries: World
This article is part of category

Fraud & Financial Crime

Industry Events