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Equifax and Mastercard Combat Payment Fraud in Latin America

In a bid to strengthen the fight against payment fraud in Latin America, Equifax and Mastercard have announced a strategic collaboration aimed at empowering financial institutions, payment service providers, and merchants across the region. With alarming statistics indicating that businesses in Latin America are losing over 4.6% of their e-commerce revenue to fraudulent transactions, this partnership seeks to tackle one of the highest rates of fraud globally.

As businesses increasingly turn to digital solutions, the need for robust fraud prevention tools has never been greater. Equifax will introduce its Kount Payment Fraud solution, which is already trusted by over 20,000 companies in more than 40 countries. This solution will provide real-time fraud prevention capabilities, ensuring safer transactions with minimal disruption to the customer experience.

The offerings include advanced fraud management tools like Mastercard Identity, Ethoca Alerts, and Ethoca Consumer Clarity. These services work together to not only verify identity and assess the risk of fraud during transactions but also to reduce chargebacks by validating orders and sending timely alerts. This holistic approach is critical as e-commerce revenue in the region is expected to skyrocket from $85 billion in 2021 to $160 billion by 2025.

Chris Jones, President of Equifax Latin America, expressed his enthusiasm for the collaboration, stating, “As a global leader in fraud prevention, we are thrilled to work with Mastercard to help Latin American merchants and partners combat fraud and continue to innovate across the financial sector.” This alignment is seen as a way to enhance payment transaction safety, ultimately benefiting businesses of all sizes by enhancing their profitability.

From Mastercard's perspective, Ana Lucia Magliano, Executive Vice President for Services at Mastercard Latin America and the Caribbean, underscored the significance of this partnership. “Adding to our existing capabilities, this collaboration is the next step in our journey to make the digital economy safe and more seamless for payment providers and merchants in the region,” she noted. The goal is not just to meet security needs within the payments ecosystem but also to improve the overall consumer experience in the digital marketplace.

This innovative Kount Payment Fraud solution will be made available to a wide array of stakeholders in Latin America, excluding Brazil. Businesses looking to stay ahead of the fraud curve can get more information through Kount's official website.

As the digital payment landscape evolves, the combined efforts of Equifax and Mastercard demonstrate a proactive approach to safeguarding customer transactions and combating the growing threat of payment fraud. By seamlessly integrating advanced fraud prevention technologies, they aim to provide a secure marketplace that can foster growth, innovation, and trust within the digital economy of Latin America.

With financial institutions and merchants equipped with these cutting-edge insights and tools, they can not only enhance their operational efficiencies but also ensure that they meet consumer expectations in a rapidly changing market. As Equifax and Mastercard work together, they set a new standard in fraud prevention, paving the way for a safer and more reliable financial services ecosystem across Latin America.