Fiserv integrates fraud prevention solution from Vesta in Mexico
By Megha Bhattacharya
Fiserv Inc., a global provider of payments and financial services technology, announced the integration of a fraud prevention solution into its e-commerce payment gateway to reduce the fraud-related chargeback risk for Mexican e-commerce. The Vesta fraud prevention platform helps secure online payment transactions, reduces the decline rate, and includes a “Zero Chargeback Guarantee.”
“We celebrate partnering with a security expert such as Vesta for fraud prevention in online payments, and we’re proud that Fiserv is the first player in the Mexican market to integrate this kind of solution. Thanks to the joint efforts between Fiserv and Vesta, we’re able to offer an alternative that mitigates fraud exposure for Mexico’s merchants offering e-commerce, and, at the same time, reduce the chargeback risk related to those transactions,” stated Sergio Villarruel, Country Manager for Fiserv in México.
According to Vesta, Card Not Present (CNP) fraud resulted in nearly $35.5 billion dollars in losses worldwide in 2020, an amount estimated to triple in the next four years. Vesta also points out that for each dollar lost to fraud, retailers spend three times the amount in prevention efforts.
“Fiserv is a global leader for payments, just like Vesta is the global leader for solutions that aim to prevent and reduce fraud exposure,” said Oscar Bello, General Manager for Vesta Americas. “As a first step, we aim to offer our solution to more than 30,000 business enterprises in Mexico.”
“Our models adapt to new threats and are continuously updated. Our approval rate is one of the best of its kind and we also offer a ’Zero Chargeback Guarantee’ that provides coverage for the transactions processed by this solution,” added Bello.