Rapyd rolls out new fraud solution – Rapyd Protect

By Megha Bhattacharya

FinTech-as-a-Service provider, Rapyd has rolled out a fraud solution – Rapyd Protect. The new solution aims to provide defence and protect businesses and consumers against fraud across countries and payment methods. The fraud service is embedded in the global payments network that supports cards and over 900 Alternative Payment Methods.

“Rapyd’s primary commitment to global businesses is to ensure online customers can complete purchases with their preferred payment method, from major credit cards to local APMs. With Rapyd Protect we are reinforcing that promise by using best in class machine learning to safeguard alternative payments, protecting businesses, and improving the customers’ shopping experience. We combine our globe-spanning insights with unique data, and extensive rules libraries to decrease risk, reduce chargebacks, and fight fraud on a global level across more payment methods,” said Helcio Nobre, Chief Product Officer of Rapyd.

According to Rapyd, Rapyd Protect leverages sophisticated fraud decisioning models and proprietary data sources fed by its global payment network operating in over 100 countries.

Recently, the London-based company launched its ‘all-in-one’ payment capabilities in South Korea. The company has partnered with Korean payment service providers such as KCP, PayLetter and others. Rapyd now provides access to a comprehensive suite of South Korean payment options across international and local cards (Hyundai Card, Shinhan Card, Samsung Card), mobile wallets (Kakao Pay, Samsung Pay, Toss, and PAYCO), bank transfers, vouchers, and carrier billing.