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Commidea and CyberSource Announce Fraud Prevention Partnership
London, 6 August 2003
Security for credit and debit card payments for the cardholder not present (CNP) sector has today been taken to unprecedented levels following the announcement by Commidea of the introduction of its new fraud prevention services which will be made available to any CNP merchant, including those not currently using Commidea's payment systems.
Last year credit and debit card fraud cost the UK over £420 million and APACS (Association for Payment and Clearing Services) predicts that this figure will rise to over £1 billion by the end of the decade. Of this figure CNP fraud accounts for over 25% and is rising.
To counter this, Commidea, the UK's leading developer of card payment processing systems, has been continually researching and developing new methods of fraud prevention for both the cardholder present and not present sectors.
The company was amongst the first to introduce AVS (Address Verification System) and CSC (Card Security Code) as part of its systems and has been leading the way in developing Chip & PIN card payment systems. Now in partnership with CyberSource, it has taken fraud prevention to new levels. CyberSource is the market leader in the development of fraud prevention systems and the new integration with Commidea represents one of the most significant developments in card payment fraud prevention for the cardholder not present sector.
The highly acclaimed CyberSource system, a powerful and flexible order decision and fraud management system, is the most advanced package of its kind, offering the most up to date method of tracking, tackling and preventing card fraud.
Customers using Commidea's payment processing systems will now be able to benefit from state of the art card payment processing technologies backed by the world's most advanced fraud prevention systems. This will produce a system that can be tailored to customers exact requirements, which minimises the threat of fraudulent credit and debit cards to their organisations, whilst providing reliable and efficient card processing.
Merchants currently using an alternative card payment processing system will also be able to benefit from the partnership by utilising the fraud prevention technologies, which can be seamlessly integrated into their existing systems.
"With Chip & PIN effectively eliminating credit and debit card fraud in the high street, we believe that fraudsters will turn their attention to other markets - namely the cardholder not present sector," commented Commidea's Managing Director Simon Wilding. "Fraud will naturally migrate to the most vulnerable sector and so by integrating CyberSource technologies into our service we are offering a system to combat this threat at every turn."
"At a stroke the new integration will offer call centre, mail order and e-commerce businesses a totally integrated package of fraud prevention and, where required, credit and debit card transaction processing. It is highly secure, highly versatile and highly reliable. We are also bringing the service to market at an affordable cost so that genuine ROI can be realised", continued Simon.
"There is no doubt that credit and debit card fraud is here to stay. Chip & PIN is tackling the cardholder present markets and now, in partnership with CyberSource we're ready to tackle the card holder not present markets as well."
"This partnership aims to help provide merchants with the most foolproof anti-fraud solution on the market," said Ariane Wilkinson, marketing director, CyberSource.
"Migration of fraudsters from high street stores as a result of Chip and PIN's national introduction in 2005 could have a terrible effect on online businesses if precautions aren't taken. We are asking merchants to think hard about taking the necessary measures to avoid becoming victims of fraud, whilst ensuring their efforts are focused on maximising sales and maintaining high customer service."
For further information please contact
David Ing
CFA
01622 754295
david@cfapr.co.ukAbout Commidea
Celebrating its 10th anniversary this year, Commidea is one of the most innovative developers of card payment processing technology, producing a variety of solutions for high street retail, mail order, e-commerce, telesales, memberships, hospitality and leisure.
The company has built a reputation for reliability, innovation and excellence, continually pushing forward the boundaries of card payment technology. Commidea has the ability to provide solutions to meet the most demanding of retail environments, including systems to provide multi-channel operations such as a combination of mail order, high street retail and e-commerce, all working from a single card payment system.
Operating from its Head Office in Maidstone and with a co-location centre in London, Commidea believes in utilising the latest technology to provide state of the art solutions.
Customers include organisations both public and private, from multi-national high street retailers to independent retailers, specialist distributors to small leisure clubs, award winning e-commerce sites to the country's leading mail order companies.
Working with a network of business partners throughout the UK able to deliver a complete EPOS system for virtually every environment, Commidea is the solution for all card payment processing needs.
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.
Editorial Contact:
Bruce Frymire
CyberSource Corporation
650.965.6042
bfrymire@cybersource.com
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