- Fraud prevention company Rippleshot has entered into a strategic alliance with paytech company CPI Card Group.
- CPI Card Group will use Rippleshot’s AI, machine learning automation and predictive analytics to prevent credit and debit card fraud.
- Chicago-based Rippleshot made its Finovate debut at FinovateSpring 2014 and returned later that year to demonstrate its technology at FinovateFall.
A strategic alliance between payment technology company CPI Card Group and fraud prevention specialist Wave shot will help Paytech to proactively defend itself against card fraud.
Based in Littleton, Colorado, CPI Card Group offers a range of credit, debit and prepaid solutions, as well as complementary digital solutions and software-as-a-service (SaaS) instant issuance. The company’s partnership with Rippleshot will enable its customers to leverage the fraud prevention company’s technology, which uses AI, machine learning and predictive analytics to detect and stop credit and debit card fraud.
“Our partnership with CPI underscores our commitment to collaboration and helping financial institutions better protect their revenue and account holders,” said Canh Tran, co-founder and CEO of Rippleshot. “Keeping up with evolving fraud trends is complex, labor-intensive, and impossible to tackle alone. We are excited to work with CPI and their partners to help financial institutions proactively transform fraud prevention with a data-driven fraud management approach.”
Rippleshot’s fraud analytics platform detects fraud patterns and creates intelligence and rules to proactively identify emerging fraud risks and prevent fraud before they occur. With the support of a vast data consortium of over 5,000 financial institutions, the platform also enables banks and financial institutions to block merchants deemed “high risk” and limit the potential damage from large-scale data leaks.
Rippleshot customers who regularly use the platform have seen a decrease in fraud activity of up to 35% per year. These customers have also identified 10x more compromised incidents than average network alerts. Thanks to Rippleshot’s risk-assessment-based reissue strategies, the fraud prevention process does not add any additional friction for the customer. Institutions report 5x fewer disruptions in customer transactions using Rippleshot’s technology.
“Rippleshot is a technologically advanced solutions provider with a human-centric approach to combating fraud,” said Rob Dixon, vice president of business development and digital solutions at CPI Card Group. “Through this partnership, our customers can reduce the costs associated with fraud losses, chargebacks and manual monitoring while increasing their profits and maintaining top-of-wallet status with their cardholders.”
Founded in 1982 as Colorado Plasticard, CPI Card Group is now the largest manufacturer of credit, debit and prepaid cards. The company went public in 2015, trades on the NASDAQ under the ticker symbol PMTS, and has a market capitalization of $303 million. CPI Card Group began the year by appointing its new President and CEO, John Lowe.
Rippleshot, headquartered in Chicago, Illinois, was founded in 2012 and made its Finovate debut at FinovateSpring 2014. Later that year, the company returned to demonstrate its fraud prevention technology at FinovateFall in New York.
Photo by Bhargava Marripati
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