Equifax and Mastercard Join Forces to Combat Payment Fraud in Latin America
Mastercard Now Offering Kount Payment Fraud Prevention and Chargeback Mitigation to Payment Providers and Merchants
ATLANTA and NORTHAMPTON, Mass., Dec. 5, 2024 /PRNewswire/ -- Equifax® (NYSE:EFX) and Mastercard (NYSE:MA) have joined forces to empower Latin American financial institutions, payment service providers, acquiring banks, and merchants to overcome payment fraud challenges without disruption to the customer experience.
Enhanced fraud management tools, including Mastercard Identity, Ethoca Alerts and Ethoca Consumer Clarity are now available to Mastercard business customers in Latin America through the Kount Payment Fraud solution from Equifax. The combined solutions protect the entire digital payments environment through identity verification and fraud risk assessment while preventing chargebacks through order validation and alerting services.
Latin America has one of the highest fraud rates globally, with studies showing that merchants are losing upward of 4.6% of their e-commerce revenue to payment fraud. With e-commerce revenue expected to nearly double in the region from $85 billion in 2021 to $160 billion by next year, Equifax and Mastercard are helping empower businesses to achieve their full growth potential by stopping threats in real time.
The Kount Payment Fraud solution from Equifax is used by more than 20,000 businesses operating in more than 40 countries around the world due to its real-time fraud prevention capabilities during transactions.
"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," commented Chris Jones, President of Equifax Latin America. "This strategic alignment will provide safer payment transactions and reduce chargebacks, enabling businesses of all sizes in Latin America to improve their bottom line."
"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," said Ana Lucia Magliano, Executive Vice President, Services, Mastercard Latin America and the Caribbean. "By working together, we're advancing our shared goal of not only meeting the payments ecosystem security needs, but also addressing a broader effort to enhance the consumer's digital experience."
The Kount Payment Fraud solution is available in collaboration with Mastercard to financial institutions, payment service providers, acquirers, merchants and others across Latin America, excluding Brazil. For more details, visit https://kount.com/equifax-mastercard.
ABOUT EQUIFAX INC.
At Equifax (NYSE: EFX), we believe knowledge drives progress. As a global data, analytics, and technology company, we play an essential role in the global economy by helping financial institutions, companies, employers, and government agencies make critical decisions with greater confidence. Our unique blend of differentiated data, analytics, and cloud technology drives insights to power decisions to move people forward. Headquartered in Atlanta and supported by nearly 15,000 employees worldwide, Equifax operates or has investments in 24 countries in North America, Central and South America, Europe, and the Asia Pacific region. For more information, visit Equifax.com.
ABOUT MASTERCARD
Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all.
FOR MORE INFORMATION:
Mario Arrua (Latin America) or Tiffany Smith (US) for Equifax
[email protected]
Andrea Denadai for Mastercard
[email protected]
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SOURCE Equifax Inc.