Banks spend ~$80M in losses and operational expenses over unnecessary fraud claims
Banks lack visibility into the merchants directly, resulting in long call times, unnecessary claims investigation, write-off losses and frustrated customers
These cases often stem from unfamiliar merchants, recurring transactions, or where the merchant’s statement name differs from the brand name
A typical bank files ~$200M of friendly fraud claims each year
~30% of all fraud claims filed are friendly fraud
Customers often encounter unrecognized charges on their statements, leading to confusion, and unnecessary fraud claims
Our Solution
Real-time comprehensive merchant intelligence service
Our platform enriches the transactions names provided by banks and credit card companies with our proprietery fraud relevant merchant database in real-time.
By integrating this data into their systems, banks can significantly Prevent Incoming Friendly Fraud and,
The Challenge
Connect with our secure endpoint to access data tailored to your specific needs, or use our customized portal to view all relevant merchant information in one centralized location
Transforming Fraud Handling
for Banks
We empower banks to cut unnecessary write-offs, lower operational expenses, and boost customer retention
→ All through actionable insights
~$30M
Write Off Loss
Savings
~$20M
Operational Cost Reduction
+4%
Improved Customer Retention
Get started with Vyakt Today!
Our GenAI models and Fraud Team capture 25+ high-quality fraud-relevant data points covering 99% of your transactions
Book a demo ↗ to unlock the full spectrum of our merchant intelligence capabilities - uncover hidden data points, dive deep into real-time insights, and experience the full power of Vyakt in action
Merchant Identity,
Contact Information
Products, Services,
Subscriptions
Bankruptcy, M&A,
Scam Alerts
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Effective Merchant Specific
Fraud Probing
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Empower Call Centre Agents
Agents can quickly access relevant merchant information during calls to help customers recall their purchases.
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Enhance Customer Facing Apps
Provide customers with data to helps them recognize transactions details directly in the app, avoiding the need for any calls altogether.
Enable Merchant-Specific Rules
Fine-tune transaction approvals and customize fraud intake rules with merchant-specific insights.