Financial and Business News

Worldpay Integrates Mastercard's Ethoca Alerts to Combat Chargeback Surge

Tuesday, 26/03/2024 | 11:25 GMT by Tareq Sikder
  • Chargeback volumes are projected to soar to 337 million by 2026, according to industry forecasts.
  • Ethoca Alerts prevented $1.6 billion in fraudulent chargeback losses between 2022 and 2023.
Mastercard

Worldpay has announced its collaboration with Mastercard to integrate Ethoca Alerts into its services. This move is anticipated to equip over one million merchants associated with Worldpay with enhanced capabilities to swiftly address transaction disputes, thereby mitigating the risks associated with chargebacks.

Preempting Disputes across Payment Brands

Ethoca Alerts, a proactive solution offered by Mastercard, functions seamlessly across various payment brands, furnishing a preemptive system to intercept potential disputes before it escalates to chargebacks. This mechanism facilitates the speedy resolution of transaction discrepancies and bolsters merchants' defenses against financial losses attributable to fraudulent activities.

Johan Gerber, EVP, cyber and intelligence, Mastercard, Source: LinkedIn

The proliferation of chargeback incidents poses a significant challenge for merchants, underscoring the urgency for robust preventive measures. Industry forecasts predict a staggering surge in chargeback volumes, expected to reach 337 million by 2026, reflecting a substantial escalation of 42% from the levels recorded in 2023.

Gabriel de Montessus, the EVP of Global Enterprise at Worldpay, said: “We’re pleased to bring this solution to the market in partnership with Mastercard to deliver more value and innovation to our clients."

Gabriel de Montessus, EVP, global enterprise, Worldpay, Source: LinkedIn

Meanwhile, Network International, a key player in digital transactions across the Middle East and Africa, extended Mastercard's Brighterion fraud prevention solution to over 60,000 merchants. Utilizing artificial intelligence, this collaboration aims to enhance transaction security and promote industry growth through robust fraud prevention and monitoring services, safeguarding merchants and customers from escalating fraudulent risks.

A $1.6 Billion Shield against Fraudulent Chargebacks

Mastercard's proprietary data underscores the efficacy of Ethoca Alerts in curbing fraudulent chargeback claims. Between 2022 and 2023, the implementation of Ethoca Alerts was credited with averting an estimated $1.6 billion in losses stemming from fraudulent chargebacks. This substantial figure underscored the tangible benefits and efficacy of proactive dispute resolution mechanisms in safeguarding merchants' financial interests.

Johan Gerber, the EVP of Cyber and Intelligence at Mastercard, said: “This partnership with Worldpay extends our powerful technology to even more merchants around the world, reducing fraud.”

Worldpay has announced its collaboration with Mastercard to integrate Ethoca Alerts into its services. This move is anticipated to equip over one million merchants associated with Worldpay with enhanced capabilities to swiftly address transaction disputes, thereby mitigating the risks associated with chargebacks.

Preempting Disputes across Payment Brands

Ethoca Alerts, a proactive solution offered by Mastercard, functions seamlessly across various payment brands, furnishing a preemptive system to intercept potential disputes before it escalates to chargebacks. This mechanism facilitates the speedy resolution of transaction discrepancies and bolsters merchants' defenses against financial losses attributable to fraudulent activities.

Johan Gerber, EVP, cyber and intelligence, Mastercard, Source: LinkedIn

The proliferation of chargeback incidents poses a significant challenge for merchants, underscoring the urgency for robust preventive measures. Industry forecasts predict a staggering surge in chargeback volumes, expected to reach 337 million by 2026, reflecting a substantial escalation of 42% from the levels recorded in 2023.

Gabriel de Montessus, the EVP of Global Enterprise at Worldpay, said: “We’re pleased to bring this solution to the market in partnership with Mastercard to deliver more value and innovation to our clients."

Gabriel de Montessus, EVP, global enterprise, Worldpay, Source: LinkedIn

Meanwhile, Network International, a key player in digital transactions across the Middle East and Africa, extended Mastercard's Brighterion fraud prevention solution to over 60,000 merchants. Utilizing artificial intelligence, this collaboration aims to enhance transaction security and promote industry growth through robust fraud prevention and monitoring services, safeguarding merchants and customers from escalating fraudulent risks.

A $1.6 Billion Shield against Fraudulent Chargebacks

Mastercard's proprietary data underscores the efficacy of Ethoca Alerts in curbing fraudulent chargeback claims. Between 2022 and 2023, the implementation of Ethoca Alerts was credited with averting an estimated $1.6 billion in losses stemming from fraudulent chargebacks. This substantial figure underscored the tangible benefits and efficacy of proactive dispute resolution mechanisms in safeguarding merchants' financial interests.

Johan Gerber, the EVP of Cyber and Intelligence at Mastercard, said: “This partnership with Worldpay extends our powerful technology to even more merchants around the world, reducing fraud.”

Topics
fintech
payments
mastercard
About the Author: Tareq Sikder
Tareq Sikder
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A Forex technical analyst and writer who has been engaged in financial writing for 12 years.

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