CyberSource partners with Kazkommertsbank on fraud management services

World class software offered to merchants in Commonwealth of Independent States (CIS) region for the first time

Almaty, 16 March 2016 – CyberSource, a Visa Inc. company (NYSE: V), today announced that Kazakhstan’s premier bank, Kazkommertsbank, will be the first in the CIS region to deploy CyberSource Decision Manager to assist in its fight against online fraud.

CyberSource Decision Manager has the ability to automatically screen transactions based on insights from over 68 billion transactions processed annually by Visa and CyberSource¹. Using results from over 260 global validation tests, Kazkommertsbank will be able to assess the risk of transactions in real time (all of less than one second). The bank will also have access to CyberSource fraud analysts, who will provide ongoing monitoring and tuning of system and process performance, to ensure the bank has greater visibility over the fraud management process.

Kazkommertsbank is the leading eCommerce acquirer in Kazakhstan, and the agreement will help expand the array of payment services available to the bank’s merchant customers.

Nurlan Zhagiparov, Managing Director, Kazkommertsbank, said the partnership will help grow eCommerce for merchants in the market. “We need to make sure consumers feel safe and secure using their payment cards online. With CyberSource Decision Manager we will be able to offer our merchant clients a fraud management service that uses real time fraud monitoring and helps keep the fraud rate low.”

Konstantin Surkov, CyberSource regional sales lead for CIS said CyberSource is honoured that Kazkommertsbank has decided to implement our fraud management solution, Decision Manager. “Consumers in Kazakhstan are seeing huge appeal in using the internet for online shopping, where in 2015 we saw domestic eCommerce volume grow by 96%*.”

“With Kazkommertsbank using CyberSource’s Decision Manager, they will be able to manage their online fraud with the ability to accept more genuine transactions with confidence, while minimizing the rejection of valid ones. In turn, this will improve the customer payment experience and strengthen customer loyalty.” 

¹ https://www.cybersource.com/content/dam/cybersource/en_MEA/documents/Fraud_Management.pdf

*source: Visa Client Benchmarking Model, YE September, 2015

About CyberSource

CyberSource, a wholly-owned subsidiary of Visa Inc., is a payment management company. Over 400,000 businesses worldwide use CyberSource and Authorize.Net brand solutions to process online payments, streamline fraud management, and simplify payment security. The company is headquartered in Foster City, California and maintains offices throughout the world, with regional headquarters in Singapore, Tokyo, Miami / Sao Paulo and Reading, U.K. CyberSource operates in Europe under agreement with Visa Europe. For more information, please visit www.cybersource.com. 

About Kazkommertsbank

Kazkommertsbank – is one of the largest banks in Kazakhstan and Central Asia. Bank assets equaled KZT 4 409 bn. as of September 30, 2015.

Bank has subsidiaries, which work in investment portfolio management, insurance and brokerage area. Also Bank has subsidiaries in Russian Federation and the Republic of Tajikistan.

Bank’s main shareholders are: “Central Asian Investment Company” JSC, Mr. N.S. Subkhanberdin, «Qazaq Financial Group» JSC (former «Alnair Capital Holding» JSC), “NWF “Samruk-Kazyna” JSC, Mr. K.Kh. Rakishev Bank shares are included into the official list of “Kazakhstani Stock Exchange” JSC (KASE). Global Depository Receipts (GDR), which have the Bank shares as their basic assets, are included into the list of London Stock Exchange (LSE). Bank was the first among CIS banks that completed IPO totaling USD 845 mln. in the form of GDR in London Stock Exchange in November, 2006.

Currently in circulation is more than 2.5 million payment cards issued by Kazkommertsbank. The Bank has an extensive ATM network, which has more than 2.6 thousand units, of which have a function of receiving cash (cash in) -. 300. Processing center of the bank serves over 30 thousand POS-terminals installed at trade and service enterprises, including - more than 6 thousand units at the partners of the bonus program. 

Media contacts

Monica Barten
CyberSourcem
mbarten@visa.com 

Ilya Borovoy
Kazkommertsbank
+7 727 2 585 145 ext 57615
IBorovoy@kkb.kz