PAYSTRAX selects Featurespace to tackle fraud across Europe. Source: Shutterstock.com

PAYSTRAX, a payment processing solution for merchants across the EU and UK, has teamed with global fraud and financial crime prevention company Featurespace to enhance security measures against fraudulent activities.

PAYSTRAX works with merchants across various industries and will utilise Featurespace’s Technology to analyse merchants’ transactional behaviour. The solution identifies suspicious transactions, safeguarding PAYSTRAX from processing payments that contribute to fraud.

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Research data published by Merchantsavvy shows that cumulative global losses in online payments due to fraud are expected to amount to $343bn for merchants between 2023 and 2027. Money laundering remains one of the most significant contributors to losses to financial crime, with the United Nations Office on Drugs and Crime (UNODC) totalling up to $2trn, or up to 5% of global GDP.

Featurespace’s Merchant Monitoring solution has been configured for PAYSTRAX to have real-time data analytics, allowing quick recalibration of rules to identify and prevent existing and new fraud forms.

This functionality will help PAYSTRAX detect suspicious activity, identify a list of high-risk merchants and provide relevant transactional scores

The solution also predicts fraud risk on each transaction, generating merchant alerts based on where the fraud occurs. Featurespace will provide ongoing consultancy support to PAYSTRAX as part of the partnership.

Wolfgang Specht, Head of Merchant Risk and Project Management at PAYSTRAX, said: “Featurespace’s solution provides unprecedented speed and accuracy of insight into merchant transactional behaviours and history, giving us peace of mind as we optimise our decision-making and the processing of genuine or fraudulent transactions. With Featurespace, we can process data within minutes and quickly adapt to changing rules. Featurespace is an invaluable partner. Their technology will undoubtedly enhance our ability to support merchants in today’s real-time transaction landscape.“

Martina King, CEO at Featurespace, commented: “We thank PAYSTRAX for their selection of Featurespace to support their fast-growth trajectory and meet the needs of their customers across the UK and Europe. PAYSTRAX can now quickly, securely, and cost-efficiently protect the electronic payments of their merchants. In partnership we can identify and stop fraud and financial crime and make the world a safer place to transact.”