FIS Strikes Partnership with Stratyfy to Combat Card Fraud

FIS Strikes Partnership with Stratyfy to Combat Card Fraud

Time Stamp: March 18, 2024 9:01 AM
Source Node: 2519066

The global provider of financial service technology
solutions, FIS, has collaborated with Stratyfy to boost card fraud detection
capabilities. This partnership promised to curb fraudulent activities that pose
a threat to businesses.

According to the press release, fraudulent
transactions pose a substantial threat to businesses and consumers, with
projected annual costs exceeding $40 billion by 2027. Following this trend, FIS
is leveraging its partnership with Stratyfy to fortify its SecurLOCK card fraud
management solution.

Eric Kraus, the Head of Fraud Services at FIS,
mentioned: “With sophisticated fraudsters using new technologies to
increase fraud attacks, both businesses and consumers are facing more risk than
ever before. This new collaboration is a continuation of a commitment to
implement new technologies, helping businesses prevent fraudulent behavior to
protect the consumers they serve.”

This alliance between FIS and Stratyfy happens when
fraudsters are continually evolving their tactics to defraud customers. According
to these firms, this initiative prevents unnecessary disruptions and delays in transactions
caused by fraud alerts.

Central to the deal lies Stratyfy’s machine learning
approach, which promises superior outcomes in fraud detection. Laura
Kornhauser, the CEO and Co-Founder of Stratyfy, emphasized the value of
partnerships in driving innovation.

Kornhauser mentioned: “It’s rewarding to see how our unique machine learning approach
can enable better outcomes through this solution. Our relationship with FIS
showcases the tremendous value that is possible through partnerships, and we’re
thrilled to continue to build upon this important work.”

FIS Defies Negative Financial Performance

Recently, FIS announced plans to raise its share repurchase goal
to $4 billion following a double-digit decline in earnings. The company’s
financial report for 2023 highlighted a diluted EPS of $0.85 and an adjusted
EPS of $3.37. This represents a decline in the firm’s earnings. However, FIS exceeded its Future Forward cash savings
projections, achieving over $550 million in annual savings by the end of 2023.
The company mentioned that it is targeting a total cash savings of $1 billion
by the end of 2024.

Besides that, FIS holds a 45% ownership stake in the
Worldpay Merchant Solutions business following the completion of the
acquisition in January 2024. This investment will be reported under the “Equity
method investment earnings (loss)” line of the income statement starting
in Q1 2024.

The global provider of financial service technology
solutions, FIS, has collaborated with Stratyfy to boost card fraud detection
capabilities. This partnership promised to curb fraudulent activities that pose
a threat to businesses.

According to the press release, fraudulent
transactions pose a substantial threat to businesses and consumers, with
projected annual costs exceeding $40 billion by 2027. Following this trend, FIS
is leveraging its partnership with Stratyfy to fortify its SecurLOCK card fraud
management solution.

Eric Kraus, the Head of Fraud Services at FIS,
mentioned: “With sophisticated fraudsters using new technologies to
increase fraud attacks, both businesses and consumers are facing more risk than
ever before. This new collaboration is a continuation of a commitment to
implement new technologies, helping businesses prevent fraudulent behavior to
protect the consumers they serve.”

This alliance between FIS and Stratyfy happens when
fraudsters are continually evolving their tactics to defraud customers. According
to these firms, this initiative prevents unnecessary disruptions and delays in transactions
caused by fraud alerts.

Central to the deal lies Stratyfy’s machine learning
approach, which promises superior outcomes in fraud detection. Laura
Kornhauser, the CEO and Co-Founder of Stratyfy, emphasized the value of
partnerships in driving innovation.

Kornhauser mentioned: “It’s rewarding to see how our unique machine learning approach
can enable better outcomes through this solution. Our relationship with FIS
showcases the tremendous value that is possible through partnerships, and we’re
thrilled to continue to build upon this important work.”

FIS Defies Negative Financial Performance

Recently, FIS announced plans to raise its share repurchase goal
to $4 billion following a double-digit decline in earnings. The company’s
financial report for 2023 highlighted a diluted EPS of $0.85 and an adjusted
EPS of $3.37. This represents a decline in the firm’s earnings. However, FIS exceeded its Future Forward cash savings
projections, achieving over $550 million in annual savings by the end of 2023.
The company mentioned that it is targeting a total cash savings of $1 billion
by the end of 2024.

Besides that, FIS holds a 45% ownership stake in the
Worldpay Merchant Solutions business following the completion of the
acquisition in January 2024. This investment will be reported under the “Equity
method investment earnings (loss)” line of the income statement starting
in Q1 2024.

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