Marqeta Announces RiskControl, An End-to-End Risk Management Suite of Products for Card Issuers to Combat Payment Card Fraud
Marqeta RiskControl is a comprehensive suite of risk management products built for customers using its global modern card issuing platform, providing card issuers with control over card transactions, optimizing performance, and mitigating program risk and compliance implications.
Global card payments are increasing annually, with more than 450 billion card payments processed in 2020 alone. With the pandemic-fueled digital transformation in payments, the threat of fraud is also rising significantly, underlining the need for card issuers to offer businesses next-level control in order to accurately mitigate fraud. Marqeta’s RiskControl solution has been built as a direct offering to help reduce risk for its customers, enabling them to get ahead of fraud and streamline their risk and compliance programs without adding friction to the cardholder experience or slowing down card program growth.
“When we talk to our customers, the threat of payment fraud comes up consistently as one of their biggest business concerns. We’re seeing fraud increases worldwide weigh heavily on card issuers and processors, intensifying the need to offer highly effective risk and fraud management solutions that are tailored to individual cardholder experiences,” said
Know Your Customer (KYC) delivers identity verification capabilities designed to meet compliance requirements, help block fraudsters, and allow businesses to confidently onboard cardholders with minimal friction. Enhancements to Marqeta’s KYC solution can improve the pass rate to allow card programs to swiftly onboard more customers and reduce their time to value.
Real-Time Decisioning empowers companies to develop fine-tuned controls for card transactions from hundreds of data attributes - including card network risk scores - to help manage payment fraud. Issuers have real-time control over their card payment transactions while ensuring they’re only accepted in accordance with a strict set of business rules. They can also monitor and review transactions to continuously improve their rules as business needs and external threats evolve. Developed in partnership with
Featurespace, Real-Time Decisioning has already been rolled out in beta to select customers and is expected to be generally available later this year.
Marqeta’s 3D Secure tool enables issuers to create tailored authentication experiences for online transactions. 3D Secure allows users to leverage their own business logic and data to mitigate fraud without adding unnecessary friction or cardholder dropoff.
Marqeta’s Disputes tool provides risk operations teams with a streamlined process for handling disputes and chargebacks, speeding up resolution time and improving the overall cardholder experience.
Marqetacustomers can utilize the Marqeta Dashboard and program management services to help them effectively create, submit, and manage disputes at scale. Enhanced API capabilities are currently available in beta to Marqetacustomers and are expected to be generally available later this year.
Marqeta’s data-driven RiskControl offering enables users to take their risk management to the next level. Its customers will have full control of the card program by gaining real-time insights and building controls tailored to cardholders. RiskControl aims to overhaul the old-fashioned way of doing risk management and implement an innovative, all-in-one solution built for risk teams managing card programs.
“Marqeta’s Real-Time Decisioning solution is an important tool in helping us to stay ahead of potential fraud concerns,” said Theso Jivajirajah,
Learn more about Marqeta’s RiskControl solution here: marqeta.com/platform/riskcontrol
Marqeta’s modern card issuing platform empowers its customers to create customized and innovative payment cards. Marqeta’s modern architecture gives its customers the ability to build more configurable and flexible payment experiences, accelerating time-to-market and democratizing access to card issuing technology.
This press release contains "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements expressed or implied in this press release include, but are not limited to, quotations and statements relating to the capabilities and possible adoption of Marqeta’s product and services, and the expected need for Marqeta’s products and services. Actual results may differ materially from the expectations contained in these statements due to risks and uncertainties, including, but not limited to, the following: any factors creating issues with the effect of uncertainties related to the global COVID-19 pandemic on