With an ever-growing portion of global financial transactions being processed digitally, businesses and consumers alike are increasingly threatened by the potential to be defrauded.
That’s where Marqeta comes in. The Oakland-based fintech has already made a name for itself as a global issuer of cards, and now it intends to devote its considerable technological muscle to fighting fraud.
“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,” said Marqeta Chief Technology Officer Randy Kern.
The new platform, titled RiskControl, couldn’t come at a better time. The company estimates that fraud has the potential to incur nearly half a trillion dollars in losses over the next decade. With 450 billion (and climbing) card payments processed around the world every year, Marqeta argues that fraud detection and reporting services such as RiskControl are going to become an indispensable part of the consumer financial landscape.
Among the offerings available on RiskControl are a cutting-edge identity verification system, an online authentication platform, and tools to manage disputes and lodge fraud claims.