Global card issuing platform Marqeta is introducing a new product suite the company said will help customers that use its card-issuing platform fight fraud — a problem expected to generate losses of $400 billion over the next 10 years.
The Oakland, California, company stated in an announcement that the suite, called RiskControl, “is designed to provide Marqeta’s customers with comprehensive risk, compliance, and fraud management capabilities across the cardholder lifecycle.”
One feature is a set of “finely tuned transaction controls” that Marqeta stated will help curtail payment fraud. RiskControl also includes updated versions of existing Marqeta products.
RiskControl is a suite of four products: a Know Your Customer (KYC) identity verification system; a Real-Time Decisioning solution to manage payments fraud; a 3D Secure tool to authenticate online transactions; and Disputes tool to manage disputes and chargebacks.
See also: Consumer Enthusiasm for Cards and BNPL Underpin Marqeta’s 76% TPV Growth
According to Marqeta, more than 450 billion card payments globally were processed in 2020, and the pandemic only has increased demand for digital transactions.
“When we talk to our customers, the threat of payment fraud comes up consistently as one of their biggest business concerns. We’re seeing fraud increases worldwide weigh heavily on card issuers and processors, intensifying the need to offer highly effective risk and fraud management solutions that are tailored to individual cardholder experiences,” Randy Kern, chief technology officer of Marqeta, said in a prepared statement.
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