Following the success of its award-winning Faster Processing solution, UTP Merchant Services, one of the UK’s largest providers of physical and online payment solutions, is launching a free service to help protect its customers from potential fraud and chargebacks.

Building on feedback from merchants, the UTP Shield is a software algorithm that detects potentially fraudulent card transactions, or transactions that carry a high chargeback risk. This then notifies the business owner via text and e-mail, informing them of the risk of potential chargebacks and allowing them to place goods on hold to high-risk buyers.

The launch of the new product comes at a time when sellers lost $42 billion globally due to all types of fraud in 2020, and 75% of organisations across the world have reported an increase in fraud attempts over the past two years, according to a 2022 report by MRC.

Michael Ault CEO and Founder at UTP Group said: 

“UTP has always prided itself on its innovation and its ability to provide merchants with the highest degree of anti-fraud protection. The UTP shield gets to know your business including creating a profile of usual trading hours, methods of payment accepted, and the location of customers, enabling the software to flag suspicious transactions with a high level of accuracy, while operating 24/7. I’m confident this will be a valuable tool in helping merchants combat the fraud and chargebacks that cost billions in revenue annually.”

UTP is currently the only payment provider to offer such a high degree of security to its customers. The new UTP shield service is entirely free, and customers can opt-out of notifications at any time. To find out more, visit https://www.utpgroup.co.uk/