Virtual Piggy an innovator in safe youth payments, has announced that it has enhanced the fraud-detection and control features in its family payment system with comprehensive screening performed by a combination of internal checks and an integration with Kount, a fraud management technology company for ecommerce.
Virtual Piggy joins Kount’s integrated partners alongside companies such as Chase Paymentech, LexisNexis, and Magento.
As ecommerce grows annually at a double-digit rate, fraud is one of the biggest challenges facing retailers and online gaming companies. Annual credit card fraud has reached an estimated $200 billion per year.
“The Virtual Piggy payment solution has always safeguarded against friendly fraud by requiring parental consent,” said Don Codling, a cyber-security expert with over 23 years of service at the FBI. “The enhanced fraud detection features now make Virtual Piggy one of the safest payment solutions on the market for both consumers and retailers.”
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