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GoCardless launches fraud prevention solution, Protect+

By Gloria Methri

October 28, 2022

  • Bank Payments
  • Credit risk
  • FinTechs

GoCardlessA2A payments provider GoCardless has launched an end-to-end fraud prevention solution for merchants named Protect+. It is aimed at detecting fraudulent activity and protecting merchants from potential losses through enhanced payer verification, 24/7 fraud monitoring, and chargeback challenges.

Protect+ enables merchants to improve their successful payments percentage, reducing costs associated with managing payer fraud and protecting their revenue and reputation.

The ‘payment intelligence’ product from GoCardless combines data from the billions of transactions processed on its global bank payment network with custom parameters set by merchants to match their risk appetite.

Duncan Barrigan, Chief Product Officer, and Chief Growth Officer at GoCardless said, “We are 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. It identifies fraudulent payers and stops them in their tracks, protecting a company’s reputation, revenue, and the experience for genuine payers.”

Protect+ detects and prevents three types of fraud:

  • Identity fraud
  • No intent to pay
  • Unfair chargebacks

The latest solution 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 a direct debit to provide account verification at the point of sign-up.

Protect+ is the second product in the ‘payment intelligence’ suite from GoCardless, a set of services that use proprietary machine learning models to optimise the way companies collect and retain bank payments — ensuring lower failure rates and less fraud.

The first payment intelligence product Success+ automatically optimises failed payment retries. Since its launch, the product is said to have helped businesses recover on average 70% of payments that initially fail.

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