Bank of America Merchant Services is proud to offer Fraud Detect, a fraud prevention solution that provides real-time fraud scoring and machine learning capabilities designed to reduce a merchant’s overall exposure to fraud.1
Fraud, especially card-not-present fraud, is an increasing problem for merchants worldwide. This year alone, fraud cost retailers over 48 billion dollars, representing 7% of their annual revenue.2 Merchants need a strong fraud strategy in place to help reduce direct costs, improve operational efficiency and, most importantly, protect their business.
Now merchants have the ability to build a customized fraud strategy based on their specific business needs. Fraud Detect uses real-time fraud scoring and machine learning capabilities designed to help reduce a merchant’s overall exposure and cost of fraud. These features provide an instant risk score for every transaction, and help merchants decide whether to accept, decline or review the transaction.