Fiserv clients will be able to reduce e-commerce transaction chargeback risk through an integration with the Vesta fraud prevention platform
Card Not Present fraud resulted in nearly $35.5 billion dollars in losses worldwide in 2020
Fiserv Inc., a leading global provider of payments and financial services technology, today announced the integration of a cutting-edge fraud prevention solution into its e-commerce payment gateway to reduce the fraud-related chargeback risk for Mexico’s online commerce.
The Vesta fraud prevention platform helps secure online payment transactions, reduces the decline rate, and includes a “Zero Chargeback Guarantee.”
“We celebrate partnering with a security expert such as Vesta for fraud prevention in online payments, and we’re proud that Fiserv is the first player in the Mexican market to integrate this kind of solution. Thanks to the joint efforts between Fiserv and Vesta, we’re able to offer an alternative that mitigates fraud exposure for Mexico’s merchants offering e-commerce, and, at the same time, reduce the chargeback risk related to those transactions,” stated Sergio Villarruel, Sales and Marketing Director for Fiserv in México.
“Fiserv is a global leader for payments, just like Vesta is the global leader for solutions that aim to prevent and reduce fraud exposure,” said Oscar Bello, General Manager for Vesta Americas. “As a first step, we aim to offer our solution to more than 30,000 business enterprises in Mexico”.
Bello adds: “Our models adapt to new threats and are continuously updated. Our approval rate is one of the best of its kind and we also offer a “Zero Chargeback Guarantee” that provides coverage for the transactions processed by this solution.”
Cybercriminals are increasingly modernized with sophisticated mechanisms to intercept user payments and wreak havoc, hence the importance of introducing to the market a solution that detects anomalies in transactions, reduces transaction decline rates and represents a lower cost for fraud detection for Mexican e-commerce.
According to Vesta, Card Not Present (CNP) fraud resulted in nearly $35.5 billion dollars in losses worldwide in 2020, and an amount estimated to triple in the next four years. Vesta also points out that for each dollar lost to fraud, retailers spend three times the amount in prevention efforts.
With this partnership, Fiserv reaffirms its mission to deliver superior value to clients through leading technology and strategic agreements that benefit businesses. Starting today, Fiserv and Vesta start a new chapter to provide a better e-commerce customer experience in Mexico with more fraud protection and fewer declines.
In a world that moves faster than ever, Fiserv helps clients provide solutions that keep up with how people live and work today – financial services at life’s speed.