UTP Merchant Services to provide free fraud protection for merchants
Following the success of its award-winning Faster Processing solution, UTP Merchant Services, one of the UK’s largest providers of physical and online payment solutions, is launching a free service to help protect its customers from potential fraud and chargebacks.
Building on feedback from merchants, the UTP Shield is a software algorithm that detects potentially fraudulent card transactions, or transactions that carry a high chargeback risk. This then notifies the business owner via text and e-mail, informing them of the risk of potential chargebacks and allowing them to place goods on hold to high-risk buyers.
The launch of the new product comes at a time when sellers lost $42 billion globally due to all types of fraud in 2020, and 75% of organisations across the world have reported an increase in fraud attempts over the past two years, according to a 2022 report by MRC.
Michael Ault CEO and founder at UTP Group said: “UTP has always prided itself on its innovation and its ability to provide merchants with the highest degree of anti-fraud protection. The UTP shield gets to know your business including creating a profile of usual trading hours, methods of payment accepted, and the location of customers, enabling the software to flag suspicious transactions with a high level of accuracy, while operating 24/7. I’m confident this will be a valuable tool in helping merchants combat the fraud and chargebacks that cost billions in revenue annually.”