FIS has partnered with Stratyfy, an alumnus of the FIS Fintech Accelerator, to enhance its SecurLOCK card fraud management solution.
This collaboration aims to significantly increase the accuracy of identifying and preventing fraudulent card transactions. The timing is crucial, as a recent report forecasts that fraud will cost businesses and their customers over $40bn annually by 2027. This partnership promises a safer card payment experience for consumers by stopping more fraud attempts, thus saving significant resolution time per transaction.
FIS, headquartered in Jacksonville, Florida, is a Fortune 500 company and a leading provider of technology solutions for merchants, banks, and capital markets firms globally. Stratyfy, based in New York, leverages unique machine learning approaches to improve decision-making processes, including fraud detection.
The partnership between FIS and Stratyfy stems from a shared commitment to leveraging new technologies to combat the increasing threat of fraud. The collaboration has already shown promising results through live customer testing of the SecurLOCK product, which demonstrated a notable improvement in the detection and prevention of fraud.
The anticipated benefits of this partnership are manifold. Customers are expected to experience a better and safer card payment process as the advanced technology aims to reduce the friction caused by false positives. This improvement comes at a pivotal moment in the payments industry, highlighting the importance of innovative solutions in combating fraud.
In addition to enhancing fraud detection capabilities, this partnership also signifies the value of collaborative efforts between established financial technology firms and innovative startups. Stratyfy’s participation in the FIS Fintech Accelerator program has facilitated a productive relationship that underscores the potential of such partnerships.
“FIS Head of Fraud Services Eric Kraus said, “With sophisticated fraudsters using new technologies to increase fraud attacks, both businesses and consumers are facing more risk than ever before. This new collaboration is a continuation of a commitment to implement new technologies, helping businesses prevent fraudulent behavior to protect the consumers they serve.”
Laura Kornhauser, CEO and co-founder of Stratyfy said, “It’s rewarding to see how our unique machine learning approach can enable better outcomes through this solution. Our relationship with FIS showcases the tremendous value that is possible through partnerships, and we’re thrilled to continue to build upon this important work.”
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