Fintech veteran to drive further development of e-commerce fraud prevention and approval enhancement technology
LAKE OSWEGO, Ore.--(BUSINESS WIRE)--Vesta, a pioneer in guaranteed payment and fraud technologies, announced today that it has hired Tan Truong as chief information officer. He will be responsible for all aspects of the company’s technology, operations and product development as well as spearheading innovation globally.
Truong joins Vesta after building the global issuing platform for SVM LP, a leading provider of gift and prepaid cards for the incentive industry, and has more than 15 years of experience in financial technology. His track record includes two successful exits for companies whose technology platforms and teams he helped build, with FSV Payment Systems being acquired by U.S. Bank and UniRush being acquired by Green Dot. He has worked at startups and large corporations, in both strategic and hands-on technologist roles.
“I have had the great privilege of working with Tan over the years. His ability to envision an innovation roadmap, build the plan to deploy and then deliver is exactly what we need at Vesta,” said Ron Hynes, CEO of Vesta. “Tan will be an enormous asset as a leader to strengthen our internal capabilities, expand our portfolio of fraud prevention and approval solutions and firmly establish Vesta as a leading innovator in our space.”
“The digital, mobile-first era represents a tremendous growth opportunity, and I’m excited to help drive the further development of Vesta’s state-of-the-art data science and machine learning capabilities,” said Truong. “As fraud becomes increasingly sophisticated, we’ll need to move beyond fraud detection to fraud recognition, which will involve building deep learning capabilities that allow a machine to learn and analyze a situation the way a human would to determine whether a transaction should raise suspicion.”
Vesta delivers unparalleled accuracy of fraud detection for customers around the world. Its solutions enable e-commerce companies to maximize revenue through increased approvals and a seamless and secure customer experience while at the same time reducing operational costs and eliminating losses due to fraud.
“Many retailers keep fraud rates artificially low for card-not-present transactions by rejecting payments where there is insufficient data on a consumer – suppressing revenues to avoid the possibility of fraud. The shift to fraud recognition will create a more inclusive environment across the payments sector, allowing underserved and underbanked consumers to participate in online transactions without generating false positives due to their lack of a banking or credit history,” added Truong.
Vesta is a leader in fraud protection and guaranteed e-commerce payment solutions that help merchants move forward without risk. Founded in 1995, Vesta pioneered fully guaranteed card-not-present payment transactions for the telecommunications industry. The company has achieved its leadership position through cutting-edge data science and machine learning capabilities that deliver unparalleled accuracy to fraud detection around the world. Today, Vesta guarantees more than $15 billion in transactions annually. Vesta’s secure payment solutions, backed by a zero-fraud-liability guarantee, enable e-commerce companies to grow their revenues by delivering frictionless transactions that maximize acceptance and enhance the customer experience while eliminating the fear of fraud.
For more information, visit www.trustvesta.com.
LANE, A Finn Partners Company