FIS Joins Forces with Stratyfy to Enhance Card Fraud Detection Through Artificial Intelligence Collaboration, Addressing Rising Fraud Concerns in the Payments Industry
JACKSONVILLE, Fla. - In a groundbreaking move, global financial technology leader FIS has announced a new collaboration with Stratyfy, an alumnus of the FIS Fintech Accelerator, to bolster its SecurLOCK card fraud management solution. This collaboration is expected to result in a significant increase in accurately identified and prevented fraudulent card transactions, serving as a vital development in the current landscape plagued by escalating fraud concerns.
According to a recent report, businesses anticipate staggering losses due to fraud, emphasizing the pressing need for advanced technology to combat this growing menace. Recognizing this urgency, FIS has taken a proactive step towards fortifying its card fraud detection capabilities through the application of artificial intelligence (AI) in collaboration with Stratyfy.
FIS, a prominent player in the financial technology sector, has been at the forefront of driving innovation to meet the evolving needs of clients. The company’s expansion of its sell-side solutions to new buy-side clients reflects FIS’s commitment to supporting these firms in finding new revenue streams, mitigating risks, streamlining operations, and delivering enhanced value to their customers.
To meet the specific requirements of these clients, FIS has introduced the Cleared Derivatives (CD) platform, enabling them to tackle challenges and seize opportunities efficiently. With this platform, buy-side firms can unlock new capabilities that provide a competitive edge in their industry.
In the realm of merchant solutions, FIS’s Worldpay has fostered a successful partnership with renowned music and entertainment retailer HMV. Through an enhanced omni-channel strategy facilitated by Worldpay Omnichannel, HMV will be empowered with greater flexibility and choice in expanding its European operations across 34 geographic markets.
The strategic alliance between FIS and Stratyfy aptly acknowledges the imperativeness of harnessing AI and advanced technologies in addressing the rising concerns related to card fraud. By leveraging the power of AI, FIS’s SecurLOCK solution is primed to accurately identify and prevent fraudulent card transactions, offering a robust defense against financial crimes in today’s fast-paced payments industry.
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