Following the success of its award-winning Faster Processing solution, UTP Merchant Services, one of the UK’s largest providers of physical and online payment solutions, is launching a free service to help protect its customers from potential fraud and chargebacks.
Building on feedback from merchants, the UTP Shield is a software algorithm that detects potentially fraudulent card transactions, or transactions that carry a high 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.
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The launch of the new product comes at a time when sellers lost $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 the past two years, according to a 2022 report by MRC.
Michael Ault CEO and Founder at UTP Group said: “UTP has always prided itself on its innovation and its ability to provide merchants with the highest degree of anti-fraud protection. The UTP shield gets to know your 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 with a high level of accuracy, while operating 24/7. I’m confident this will be a valuable tool in helping merchants combat the fraud and chargebacks that cost billions in revenue annually.”
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UTP is currently the only payment provider to offer such a high degree of security to its customers. The new UTP shield service is entirely free, and customers can opt-out of notifications at any time.
About UTP
Founded in 2013, UTP Group has served over 30,000 businesses and deployed over 34,000 card machines in both the UK and Gibraltar. UTP’s card machines process around 200,000 transactions per day, translating into 6 million transactions per month, or 72 million transactions per year, with a value of approximately £3 billion per year.
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