Anti-Internet Fraud API Tool Protects eCommerce bottom line
- eCommerce is Growing and so is Online Fraud
- web-FRAUDgate 2.0™ is all-in-one Web Fraud Solution
- Increase Bottom-line Profits using Technology
- Reduce Overall Chargebacks
- Increase Detection of Fraudulent Transactions
- Reduce the Need for Manual Reviews
- Reduce Fake Registrations Validating Registrations and leads
While internet sales are growing at a rate of 12% so is internet fraud. U.S. retail e-commerce sales estimates reached $38.0 billion for the year’s first quarter, which is a 12 percent increase compared to a year ago, according to comsScore Inc.’s latest report released in May 2011. With eCommerce fraud growing by 20% each year, online companies continue to need internet fraud prevention tools to stop the loss to the fraudsters who make a full time occupation of shopping online. With web-FRAUDgate 2.0™ e-tailers can stop swindlers, and drastically reduce losses to credit card fraud, shipping and reshipping fraud, chargebacks and all types of ‘card not present’ fraud while at the same time verifying prospective leads and new accounts.
Fraudsters typically buy using someone else’s money, and are very competent at making shipped goods difficult to track down. They also reverse Paypal credit card payments, and change shipping instructions after the merchandise has left the warehouse on the way to the ‘verified addresses’. They setup accounts with stolen identities and wreak havoc on an eCommerce merchant account and bottom line. The scams are endless. eCommerce business owners and others who take orders with ‘card not present’ systems, including new accounts and registrations are getting wise to the forewarnings; mismatched billing and shipping addresses, but few have the resources to investigate every suspicious order. The cost to manually review all the suspicious orders is another time-consuming headache for the eCommerce business. With web-FRAUDgate 2.0™ e-tailers have the tool to prevent internet fraud at the time of payment on the Web site. They also can efficiently create e-commerce new accounts, streamlining and verifying on-line registrations and account log-ins.
Every day e-tailers are shipping orders that issuers have confirmed as fraudulent. Why does this happen? After the credit card issuer authorizes a payment they often quickly contact their card holders – to determine whether a transaction was legitimate or fraudulent. If it was fraudulent, they cancel the card and start recovery process at which time the merchant, who is also the victim of this crime, finds out sometimes 3 or more weeks after the cleared transaction and shipping of the product, via the chargeback process. This is too late to stop the shipment of the product. With web-FRAUDgate 2.0™ e-merchants have the tool to catch this fraud as suspicious before the order is fulfilled, saving time and headaches in the chargeback process.
Forty-two (42%) percent of stolen identity information, regardless of the breach source, is used online. The non-face-to-face nature of eCommerce, combined with speed and remote accessibility, make the Internet an ideal way to test stolen card information without detection, according to the 2010 Data Breach Investigations Report. E-tailers don’t need this report to know that credit card fraud is affecting their profits. They need a solution for preventing internet fraud at an affordable cost.
web-FRAUDgate 2.0™ is easy to install and will increase the bottom-line profit of any eCommerce business by reducing chargebacks, increasing the detection of fraudulent transactions before order fulfillment, thereby reducing the need for extensive manual reviews. This risk management solution will also drastically reduce fake registrations by validated registrations and leads.
Keep manual review with web-FRAUDgate 2.0™ to a minimum through their real-time online fraud detection tools that provide greater visibility into order data, and geolocation information to prevent the acceptance of fraudulent orders.
web-FRAUDgate 2.0™ rates each registration, new order and repeat order in two ways; Simultaneously authenticating identity, at banking level compliance standards, while detecting and filtering fraud scores on each order. web-FRAUDgate 2.0™can match the identity and geolocation with the credit information using a simple API-SML web plug-in that will function in real time. One to two hour install and you are up and running protecting your business gateway saving time and resources.
Now more than ever it is important that every online retailer have a dynamic eCommerce fraud detection and risk prevention system in place so that best practice strategies can help them improve their ROI and position themselves for the growth that is certain for any online business.
How do you retain legitimate sales while preventing fraudulent transactions and reducing internet fraud complaint? Before a transaction is even completed, merchants should have in-house fraud prevention tool like web-FRAUDgate 2.0™ already in place, determining both the location and device identification of your customers as well as their identity.
Take a no-cost test drive with web-FRAUDgate 2.0™ anti-fraud API solution today by calling Robin Lahiri, president of Liberty Data, Inc. at 800-299-8280, ext.110. Basically, the potential for fraud exists anywhere data is entered, kept or transacted. Having web-FRAUDgate 2.0™ anti-fraud solution in place can assist any merchant by providing a secure environment for payment transactions significantly reducing the risk of fraud – protecting both ROI and their business reputation.
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