security against fraud in ecommerce
Post on 20-Jun-2015
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- 1. E-commerce technology that safeguards credit card transactions against fraud. Conceived specifically for the travel industry merchants.
2. Much like e-commerce is taking an increasing predominance in the retail world, e-commerce fraud has forged a great niche for itself. Every day new fraud schemes emerge from one market or another, costing merchants millions of dollars. Fraud is either organized and where from a single scheme, thousands of people get defrauded or from Friendly fraud where real consumers simply know how to work the credit card system in their favor. 3. Managing on-line fraud continues to be a significant and growing cost for merchants of all sizes. In 2006, it is estimated that $3.0 billion in online revenues was lost to on-line fraud up from $2.8 billion in 2005. E-Commerce related fraud also plays a counter-productive role in many smaller size businesses where the mere risk of on-line fraud prevents these businesses from most needed expansion only available through the Internet. Travel industry e-commerce is the second largest industry worldwide hit by fraudulent transactions 4. Managing and limiting the impact of fraud is only achievable through complex algorithms that validate behavior through a series of filters, and help evaluate the risk inherent to any and all on-line transactions. Risk associated to e-commerce fraud is too complex to be handled by simple human processes. Since much of the fraud comes from organized groups and or associations and originates from anywhere in the World, only dedicated investigators and mathematicians can assemble methods by which to drastically reduce the risk factor on an on- going basis. 5. DB of known frauds names, cards, e-mails Velocity checks high use of a particular credit card Geo-location checks (IP) where person is located,whether they use a proxy Address verification whether address matches withbank recordsInformation type product 6. DB of known frauds - yes Velocity checks no, but not really all that relevant Geo-location checks (IP) yes Address verification - yes Insurance type product and 7. Expertise in travel (a number of criteria specific to flight reservations) Not just information but an insurance! OTAs are charged only for reservations that SAFe guarantees!!! No manual intervention on the part of the merchant, completely automated. Reduction in labour cost to manually verify transactions for fraud. Sensitive information is highly secured from hackers and SAFe employees 8. Validation of the fraud algorithm developed in conjunction and in partnership with some of the most knowledgeable specialists in the travel industry. Approached the problem scientifically continuously optimized fraud point allocation for different criteria Tested in time used it for over 2 years on international routes with over 100k transactions and less than 0.1% failed validations Clear fraud check procedures (scalable) and at the same time allowing for human intuition too 9. Instantaneous answer Very price-competitive High approval rate 70% of reservations pass the automatic fraud check SAFe offers additional fraud validation services on transactions that do not entirely meet the criteria in place. Manual validation is performed upon client's request. Pay only for reservations marked as SAFe Insured against chargebacks for all reservations marked as SAFe Easy and flexible to integrate and use Get issuing banks information free of charge, reservation riskiness level also available free of charge 10. Gives your products full visibility worldwide through the Internet without fear of seeing your profits melt away due to fraudulent, on-line transactions. Complete fraud outsourcing solution can focus on core competencies Lets you focus on your business and while experts look after the risk attached to on-line credit card transactions. 11. Peace of mind of your website against any current or yet unknown future fraudulent schemes. Flexibility : Level of security controlled by end user (can set the level of risk) -Uses high level algorithm like similar products but SAFe is specialized for the travel industry with additional validation against the GDSs PNR information ensuring a risk free transaction. Placing the SAFe logo on your website acts as a deterrent to organized crime. The service is available 24-7-365.