Rippleshot's AI-based platform helps financial institutions proactively prevent payment card fraud
CPI Card Group Inc. (NASDAQ:PMTS), a payment technology company providing a range of credit, debit and prepaid solutions, complementary digital solutions, and Software-as-a-Service (SaaS) instant issuance, is excited to announce a strategic relationship with Rippleshot to provide its fraud prevention services to CPI customers. An award-winning fraud prevention platform, Rippleshot leverages artificial intelligence (AI), machine learning (ML) automation and predictive analytics to detect and prevent credit and debit card fraud. With the addition of Rippleshot, CPI customers can more effectively prevent fraudulent events before they occur and reduce the frustrations that epitomize the fraud management experience.
"Rippleshot is eager to make our customers' businesses more efficient and add value to our suite of digital solutions," said Rob Dixon, Vice President, Business Development and Digital Solutions at CPI. "Rippleshot is a technology-forward solutions provider with a human-centric approach to decreasing fraud. Through this partnership, our customers will be able to reduce costs associated with fraud loss, chargebacks and manual monitoring while increasing profits and retaining top-of-wallet status with their cardholders."
Backed by an expansive data consortium of more than 5,000 financial institutions, Rippleshot's fraud analytics platform identifies fraud patterns to generate intelligence and rules to proactively detect emerging risks and block incidents before they occur. It also allows financial institutions to block high-risk merchants and mitigate the impact of catastrophic data breaches.
With consistent use of the platform, Rippleshot clients reported up to a 35% decrease in fraud activity per year and identified 10 times more compromised incidents than average network alerts. They also experienced five times less disruption to customers' transactions with Rippleshot's risk score-based reissuance strategies. CPI is excited to offer financial institutions this new capability that complements its expanding, innovative solutions, including digital card and push provisioning services.
"Our partnership with CPI furthers our commitment to collaborating and helping financial institutions better protect their revenue and their account holders," said Canh Tran, CEO and Co-Founder of Rippleshot. "Keeping up with evolving fraud trends is complex, labor intensive and impossible to tackle alone. We're excited to team up with CPI and their partners to help financial institutions proactively transform fraud prevention with a data-driven fraud management approach."
For more information about the benefits of the partnership between Rippleshot and CPI, click here.
About CPI Card Group®
CPI Card Group is a payments technology company providing a comprehensive range of credit, debit, and prepaid card and digital solutions, including Software-as-a-Service (SaaS) instant issuance. With a focus on building personal relationships and earning trust, we help our customers navigate the constantly evolving world of payments, while delivering innovative solutions that spark connections and support their brands. We serve clients across industry, size, and scale through our team of experienced, dedicated employees and our network of high-security production and card services facilities – located in the United States. CPI was named one of the 2024 Best Companies to Work For by U.S. News & World Report and is committed to exceeding our customers' expectations, transforming our industry, and enhancing the way people pay every day. Learn more at www.cpicardgroup.com.
About Rippleshot
Fraud is moving fast. Rippleshot helps financial institutions be faster. We proactively detect and stop credit and debit card fraud before it strikes. Trusted by more than 1,700 financial institutions, Rippleshot combines AI, machine learning, our data consortium 50+ million daily credit and debit transactions and the expertise of fraud and data scientists to deliver rapid risk detection, data-based decision rules and actionable intelligence. Equipped with predictive fraud analytics, Rippleshot gives fraud managers, analysts and executives comprehensive visibility and insights to safeguard customers, streamline fraud operations and boost fraud mitigation performance. Visit us at www.rippleshot.com.
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