Removing Liability When Tackling Payment FraudBy Sofía Hanna | Thu, 03/17/2022 - 09:53
Q: What is key to achieving optimal revenue and zero fraud losses, while ensuring the greatest possible approved transactions?
A: Vesta has a comprehensive, automated solution that can verify each transaction on a digital platform. The solution connects data points and verifies historical data to guarantee that no fraud is occurring. It also increases the approval rate of these transactions. The key for Vesta is its focus on real-time approval of transactions with as little friction as possible for customers during their purchase journey.
Q: How do Vesta’s solutions differ from other options in the market?
A: Vesta’s solution is designed to increase approval rates, reduce false positives, and examine each transaction, as these could contain different fraud patterns. It also conducts an accurate risk assessment. Unlike other solutions in the market, the company does not use manual revisions. This means that no extra time is required at the check-out point, so results will be clear within seconds and consumers will not experience any delay with their online orders. We also do not limit the database just to Mexico, but use a global database to verify every transaction, constantly adding new transactional information to our machine learning models and data consortium. What is more, Vesta has more experience than other companies in Mexico: we have been here for over 13 years, with over 26 years of global experience.
A: Merchants experience high volumes of fraudulent transactions when they have to process a lot of purchases at the same time. This directly impacts their revenue through false positives and chargebacks. With Vesta’s fraud prevention solution, we design models that fit the needs of each company. Every merchant can achieve fast results with this adaptability, featuring high approval rates and an exceptional customer experience. If this experience is not optimal, companies will often not be able to retain this customer. Therefore, we give our clients the peace of mind that they are always protected at optimal speed, without risking the loss of their customers. We provide them with the tools to retain customers.
As to the best approach for different clients, we know that fraud patterns differ between industries. For this reason, we create a customized model that can handle the complexities of each type of industry. Our smart solutions account for various sectors and verticals, as well as how their channels and customer journeys are structured.
Q: What is the role of artificial intelligence in building stronger payment platforms and how has Vesta been able to add value with this technology?
A: Vesta offers real-time connections between 2 trillion data points coming from behavioral data and international fraud networks, among other sources. The platform constantly adapts to new threats on a global scale, incorporating millions of new transactions into its AI models every minute. The best types of machine learning can take on vast volumes of transactions and improve over time by generating new insights every time. Vesta’s AI solutions provide these functionalities while focusing on detecting fraud before transactions are completed, which significantly reduces operational costs for online merchants. In this case, automation makes a massive difference because the AI allows it to make the right decisions with no delays. If companies make a wrong decision on potential fraud, the affected end-user could cause reputational damage by venting on social media. With an advanced fraud prevention system in place, this risk can be effectively minimized. Companies actually lose US$4 for every US$1 dollar they lose to fraud because of this damage, as well as the time lost on dealing with the issue.
Q: What guarantees does Vesta give its clients to gain their trust?
A: We absorb the cost of the chargeback with our Vesta Payment Guarantee, no matter the amount. This means our customers have no liability on this front at all. We can also help increase a company’s approval rates. It is not only about getting back the money, it is also about accepting a greater number of good customers so that more positive transactions occur.
Q: How did e-checks come about and where is this trend headed?
A: Because it has become so easy to move goods and services via e-channels, the concept of e-checks to verify these movements has become a new payment trend around the world. E-checks allow for easier payments because customers do not have to fill in all the data every time they make a new purchase. This makes it easier for the customer to enter the platform anytime they want to buy something. As a new trend, we expect e-checks to grow to the point that most merchants around the world will start to accept them as a form of payment. In this new digitalized world, people want the convenience of being able to move faster while maintaining security. Merchants increasingly will want to move online because this decreases their operational costs and allows them to cover more parts of the world.
Q: What services could make a global expansion easier for Vesta?
A: This would be the same Payment Guarantee service, which ensures complete protection against fraud, maximizes approval rates and guarantees every transaction will be verified at different points of sale to give clients an optimal, frictionless result for themselves and their customers. It is also a real time-saver, so companies can spend more resources on sales and growing their business.
Vesta is a transaction guarantee platform for digital purchases. Its goal is to use machine learning to eliminate all costs and risks associated with fraud so its customers can focus on what matters most – growing their business.