Rippleshot’s AI-based platform helps financial institutions proactively prevent payment card fraud
CPI Card Group Inc. (Nasdaq: PMTS), a payment technology company providing a range of credit, debit and prepaid solutions, complementary digital solutions, and Software-as-a-Service (SaaS) instant issuance, is excited to announce a strategic relationship with Rippleshot to provide its fraud prevention services to CPI customers. An award-winning fraud prevention platform, Rippleshot leverages artificial intelligence (AI), machine learning (ML) automation and predictive analytics to detect and prevent credit and debit card fraud. With the addition of Rippleshot, CPI customers can more effectively prevent fraudulent events before they occur and reduce the frustrations that epitomize the fraud management experience.
“Rippleshot is eager to make our customers’ businesses more efficient and add value to our suite of digital solutions,” said Rob Dixon, Vice President, Business Development and Digital Solutions at CPI. “Rippleshot is a technology-forward solutions provider with a human-centric approach to decreasing fraud. Through this partnership, our customers will be able to reduce costs associated with fraud loss, chargebacks and manual monitoring while increasing profits and retaining top-of-wallet status with their cardholders.”
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Backed by an expansive data consortium of more than 5,000 financial institutions, Rippleshot’s fraud analytics platform identifies fraud patterns to generate intelligence and rules to proactively detect emerging risks and block incidents before they occur. It also allows financial institutions to block high-risk merchants and mitigate the impact of catastrophic data breaches.
With consistent use of the platform, Rippleshot clients reported up to a 35% decrease in fraud activity per year and identified 10 times more compromised incidents than average network alerts. They also experienced five times less disruption to customers’ transactions with Rippleshot’s risk score-based reissuance strategies. CPI is excited to offer financial institutions this new capability that complements its expanding, innovative solutions, including digital card and push provisioning services.
“Our partnership with CPI furthers our commitment to collaborating and helping financial institutions better protect their revenue and their account holders,” said Canh Tran, CEO and Co-Founder of Rippleshot. “Keeping up with evolving fraud trends is complex, labor intensive and impossible to tackle alone. We’re excited to team up with CPI and their partners to help financial institutions proactively transform fraud prevention with a data-driven fraud management approach.”
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