TransactPay joins forces with Triple to tackle payment fraud and reduce chargebacks

TransactPay, a leading provider of card issuing and BIN sponsorship solutions, has partnered with Triple, a transaction intelligence company, to combat the growing threat of fraud and chargebacks in the payments industry.

Fraud-related losses are surging. In 2023 alone, businesses worldwide lost $125 billion to fraud, and that number is expected to skyrocket to $362 billion between 2023 and 2028​. With fraudsters using increasingly sophisticated tactics – including misleading transaction descriptions, hidden fees, and deceptive “free trials” – businesses face mounting financial and reputational risks.

To address this, TransactPay is integrating Triple’s Transaction Enrichment API, a technology that improves transaction clarity, reduces chargeback rates, and helps payment providers identify and prevent fraudulent activity before it escalates.

 

How Triple’s technology strengthens fraud prevention

Triple’s API provides two key benefits:

1. Clearer transaction data – It replaces vague merchant descriptors (eg “XYZ123 LLC”) with detailed information such as the merchant’s name, location, and contact details, helping customers recognise legitimate transactions and reducing “friendly fraud.”
2. Fraud detection and risk management – The system analyses transaction patterns to identify high-risk merchants, such as those using misleading pricing structures or withholding key information, allowing TransactPay to flag or block suspicious activity.

 

Chargebacks are a major industry challenge, with up to 86% stemming from “friendly fraud”- where customers dispute legitimate charges simply because they don’t recognise them​. By improving transparency, Triple’s solution helps prevent these disputes, saving businesses time, money, and reputational damage.

 

Why this matters

Beyond financial losses, fraud erodes customer confidence in digital payments. According to an Accenture report, fraud risk is unique in that it affects multiple areas of a business and has significant financial and non-financial consequences​. For payment providers like TransactPay, leveraging Triple’s intelligent fraud prevention technology represents a proactive step toward a safer, more transparent payment ecosystem.

 

For more information on how Triple’s API can enhance fraud prevention and chargeback reduction, contact TransactPay or Triple today.