Fraud Services: A Key Differentiator of Payment Processing
May 19th, 2010 by Max AnhouryWhile online payments is the fastest growing segment of retail and payments, it also continues to be one of the riskiest. As cyber criminals step up their game and adapt new techniques to defraud online and card-not-present (CNP) merchants, payment providers and online retailers must take steps to protect their networks from organized fraud rings.
One of the ways merchants are countering online payment scams such as credit card fraud and identity theft is by adding fraud prevention services that help determine whether or not an online transaction is high risk. A recent trend has seen leading credit issuers and payment companies partnering with security providers to minimize fraud risk when accepting payments online.
iovation has teamed up with payment management companies such as Litle & Co. to combine our experience and expertise to help online businesses increase their payment security, minimizing risk. But the expertise doesn’t stop there. With iovation offering the world’s largest global fraud database of over 275 million unique devices, companies instantly gain access to thousands of worldwide fraud analysts’ intelligence and experience with online fraud and abuse. Businesses that incorporate fraud services such as iovation’s device reputation technology into their fraud prevention strategy benefit from:
- Minimizing fraud risk of accepting bad payments online
- Reducing losses from fraud exposure
- Decreasing costly manual transactions reviews
- Increasing payment process efficiency
Companies trying to combat rapidly evolving forms of online payment fraud on their own will only lose out in what has clearly become a global arms race with cyber criminals. That’s why inclusion of fraud services has become a key differentiator of payment processing.
Tags: card not present, CNP, cyber criminals, device reputationfraud rings, iovation, Litle & Co., online payments, payment processing, payment providers
