FIS Enhances Card Fraud Detection with AI Collaboration

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FIS, a global leader in financial technology, has announced a collaboration with Stratyfy, an alumnus of the FIS Fintech Accelerator, to enhance its SecurLOCK card fraud management solution. This collaboration aims to increase the accuracy of identifying and preventing fraudulent card transactions.

The timing of this collaboration is crucial, given the rising threat of fraud in the payments industry. A recent report forecasts that fraud could cost businesses and customers over $40 billion annually by 2027. By leveraging this collaboration, customers can expect a safer and more efficient card payment experience, with more fraudulent attempts being thwarted, thereby saving significant resolution time per transaction.

Live customer testing has already demonstrated a notable improvement in accurately identifying and preventing fraudulent activity through the SecurLOCK product. This reduction in friction means consumers are less likely to be affected by fraud rules and false positives.

Eric Kraus, Head of Fraud Services at FIS, emphasized the importance of implementing new technologies to combat the evolving tactics of fraudsters, thereby protecting businesses and consumers alike.

Laura Kornhauser, CEO and co-founder of Stratyfy, highlighted the value of their machine learning approach in achieving better outcomes through this collaboration. She expressed excitement about the partnership with FIS and the opportunities it presents for further advancements.