Banking News

Payment protection provider launches in Australia, New Zealand

Payment protection provider launches in Australia, New Zealand

(15 February 2018 - Australia) Verifi, a provider of "end-to-end payment protection and management solutions" has launched into the Australian and New Zealand markets, citing the region’s strong rates of fintech adoption and increase in Card Not Present (CNP) fraud key drivers behind the decision.

“The Australian and New Zealand payments landscape is shifting,” said Verifi founder and CEO Matthew Katz.  

“With online spending growing five times faster than traditional retail, merchants and card issuers need support in dealing with the mounting threat of Card Not Present fraud and ‘friendly’ fraud and the chargebacks that result.”

According to data from the Australian Payments Network, CNP fraud accounted for 78 percent of all card-based fraud in 2016. Additionally, in 2017, East & Partners Australian Merchant Payments research found that concerns around security of payment was a main for 64 percent of businesses in accepting online payments.

“Typically, a cardholder will bypass the merchant and contact their issuing bank directly to dispute or question a charge on their bill,” adds Katz.

“Merchants and issuing banks must work together to combat fraud, prevent and resolve costly chargebacks, and align transaction details more effectively.”

Verifi has appointed Andrew Reszka to regional head Australia, New Zealand and the wider APAC region. Reszka will oversee support and adoption of the company’s end-to-end chargeback prevention and mitigation services in the local market and across Asia Pacific.

He will be charged with shaping and growing the local business by driving new products and new market development.

“We are excited to have Andrew on board to drive our expansion into this new market,” said continues Katz.

"Andrew’s considerable experience and acumen will be vital in extending our proven end-to-end fraud and chargeback solutions to Australia, New Zealand and the wider Asia Pacific region.”

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