Frequently Asked Questions
Welcome to Vyakt's FAQ section! Here, we've gathered answers to some of the most common questions to help you understand how our solution works and how it can benefit your business.
If you don't find what you're looking for, feel free to reach out - we're always here to help!
A fraud claim is classified as “friendly” when a customer benefits from a purchase but later claims it as fraud. This can happen during situations when the merchant’s name on the statement is cryptic, when the customer forgets about the transaction, misunderstands merchant terms and conditions or simply when a family member or authorized user makes a transaction without the customer’s knowledge.
Although termed “friendly”, the filing of such friendly fraud claims can prove to be quite expensive for the banks. In the U.S. alone, approx. $96 billion in transaction value is tied to confusion-driven friendly fraud each year. The filing of such claims results in operational losses for the banks due to an increase in the number of calls to customer care agents, longer handle times, the need to request evidence from merchants, manual document reviews and write-off losses. Additionally, it can negatively impact customer spend rate and satisfaction, which harms the bank or credit card company’s reputation.
A typical bank is estimated to spend approx. $80 million annually dealing with friendly fraud.
We realized that the most cost-effective way for banks and credit card companies to deal with friendly fraud is to resolve the customer issue at intake by helping them remember their transactions and not file a fraud claim.
During this step, Vyakt in real-time provides directly on the banking app or to the call agent with fraud-specific merchant data points to help with recognizing the transaction for the customer. This specialized merchant data is lacking by the banks which leads them to filing unnecessary claims.
We provide more than 25 fraud-related data points for the top 15K merchants which covers 65% of all US transactions.
The 25+ data points include recent M&A’s, bankruptcy news, scam trends, subsidiaries, etc. which empowers both the customer and the agent to nip the problem in the bud.
Vyakt can be seamlessly integrated into the customer-facing banking apps or existing call agent portals using our API. If the banking partner chooses not to integrate Vyakt into their existing applications, we also provide the bank with our web portal where they can search the raw merchant billing descriptors to retrieve more information about the merchant.
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