Retail Logic helps in fight against card fraud
Agreement with CyberSource set to cut online crime
Fleet, Hampshire, May 15 2003
Retail Logic, the leading provider of card processing software, today announced a partnership with electronic payment and risk management specialist CyberSource. Retail merchants now have access to sophisticated software that provides real-time credit risk scoring and management. These products and services will be integrated with the Retail Logic product line and be fully supported by Retail Logic's professional customer support organisation.
UK Internet and call centre credit card fraud hit more than £110m in 2002. As Internet commerce is currently growing at over 30%, online fraud looks set to be a growing problem. Losses will escalate; consumers and merchants will lose money and confidence in web trading.
The widespread adoption of Smart Card Chip and PIN technology by the end of next year is expected to halve customer present card fraud - currently running at £430 million a year in the UK. While this will be great news for high street retailers, it seems inevitable that criminals will increasingly turn their unwanted attentions to softer targets such as organisations selling over the Internet, call centres and IVR.
"At present, merchants can implement additional checks such as checking Card Security Codes," says Retail Logic Managing Director Tim Stratton. "But not only are such procedures time-consuming, they also risk alienating potential purchasers and losing sales - one of the main attractions of buying online is meant to be its simplicity. As more and more manual stages of verification are introduced to the process, they add time and complexity, making the whole Internet buying experience less attractive for the customer."
The agreement gives Retail Logic access to two key modules: Risk Manager and Advanced Fraud Screening.
"Although our risk management solutions apply primarily to the CNP market, they are also relevant to our customer present clients," says Stratton. "The benefit here is two fold as this approach builds on the multi-channel strengths of Retail Logic and means that Risk Manager can be called from all parts of a business."
"A major benefit for the merchant buying Risk Manager from us is our one stop shop approach. Along with Retail Logic's reputation for the quality of our products and professional services, first and second line support will be provided by our customer support department, who are UK based and available 24x7, along with installations by our own implementation specialists."
For further information contact
Andrew Thomas
Retail Logic
+44 (0) 1252 776755
andrew.thomas@retail-logic.comAbout Retail Logic
For 15 years, Retail Logic has been a leading provider of payment processing software for any form of payment card and across multiple platforms, including the Internet. In 2002, the EMV-accredited Smart-Solution™ was named 'Most Innovative Product of the Year' at the Advanced Card Awards in London and 'Best Software' at the Cartes Awards in Paris.
Retail Logic is playing a key role as Britain prepares to adopt EMV Chip & PIN. In the UK, users include over 50% of leading retail stores and four of the top five supermarkets. The company also has major customers across Europe, the United States, ASPAC and Africa.
About CyberSource
CyberSource Corporation is a leading provider of electronic payment and risk management solutions. CyberSource solutions enable electronic payment processing for Web, call center/IVR, and POS environments and manage fraud risk associated with card-not-present transactions. CyberSource Professional Services designs, integrates, and optimizes enterprise-wide commerce transaction systems. Over 5,000 businesses use CyberSource solutions, including half of the Dow Jones Industrial companies. The company is headquartered in Mountain View, California, and has sales and service offices in Japan, the United Kingdom, and other locations in the United States. For more information, please visit CyberSource's web site at www.cybersource.com or email info@cybersource.com.
Notes to Editors
Risk Manager runs on the merchant's own systems, while Advanced Fraud Screening (AFS) offers a more sophisticated remotely hosted service charged on a per transaction basis. The modules provide fraud risk prediction scores by assessing over 150 order variables such as international address validation, IP address verification, and order velocity. Highly accurate risk scores are typically calculated in less than two seconds.
Risk Manager features velocity checking; positive and negative databases; and can automatically call AFS for a chosen percentage of transactions - typically around a third. This means that the merchants are able to manage their fraud internally, while keeping costs down by removing the need for all transactions to be sent to an external fraud-scoring module.
Advanced Fraud Screening can confirm a consumer's specific geographic location and delivery address details for over 200 countries worldwide by automatically crosschecking email, phone and physical address information against multiple international data sources and IP address data. A custom API permits integration with payment, verification and third party services, while a graphical interface supports off-line review and acceptance and custom reporting of fraud trends.
The security aspects of customer not present situations will also be helped by Retail Logic's new Silverfleet-Opal Merchant Plug-In that supports new card issuer initiatives, such as Verified by Visa (VbV) and MasterCard's SecureCode, which tie in cardholder passwords and address details with specific cards. The software is Visa 3-D 1.0.2 compliant, enabling support for both Visa and MasterCard schemes and runs on any Java 1.4 platform.
Editorial Contact:
Bruce Frymire
CyberSource Corporation
650.965.6042
bfrymire@cybersource.com
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