GoCardless has enhanced the fight against fraud, with the launch of Protect+, an end-to-end prevention solution.
The offering looks to detect fraudulent activity at the earliest stage of the user experience – strengthening protections from fraud and safeguarding potential losses through enhanced payer verification, 24/7 fraud monitoring and chargeback challenges.
Protect+ aims to enable merchants to improve their overall percentage of successful payments, as well as significantly reduce the costs associated with managing payer fraud and protect both their revenue and reputation.
Duncan Barrigan, Chief Product Officer and Chief Growth Officer at GoCardless, said: “We’re excited to launch Protect+ to help businesses not only weather the current macroeconomic climate, but also put themselves in a stronger position for the future.
“Protect+ identifies fraudulent payers and stops them in their tracks, protecting a company’s reputation, revenue and the experience for genuine payers. And because Protect+ is built into our global bank payment network, you can manage your payments and protect against fraud, all on one platform.”
Furthermore, it comes amid 46% of UK businesses citing fraud as a ‘top threat’ and 79% saying the current economic conditions motivate them to reduce the amount of revenue they lose due to fraud.
The introduction of Protect+ offers an alternative to existing fraud prevention options, which many merchants find frustrating due to high costs (27%), the time required to administer (26%) and poor customer experience (21%).
Clare Bennett, Product Manager at Capital on Tap, added: “We’ve been closely involved in the development and pilot of Protect+, specifically for chargebacks which is very important to us as a company.
“So far, we’ve been able to dispute 26 charges at a value of £36,000, which we would have lost without GoCardless. We believe Protect+ will be a vital part of our payment strategy in the years ahead, helping to ensure we protect our revenue to power our growth.”
Protect+ follows the launch earlier this year of another fraud prevention tool, Verified Mandates, which combines the Account Information Services (AIS) capabilities of open banking with direct debit to provide account verification at the point of sign-up.
Expert Analysis: The steps taken by GoCardless with the launch of Protect+ can be key to the fight against fraud, at a time when the battle of fraud prevention is vital, with global economies struggling.