SecureBuy, a provider of global payment fraud prevention and security technology, has announced that it has created a new frictionless payment fraud solution for mobile and online card-not-present (CNP) payment processing, powered by technology from FICO.
The solution uses cloud-based analytics to score transactions for fraud risk in real time, offering advanced protection to merchants. Integrated within the shopping cart or POS application, SecureBuy has increased the performance levels of its SecureBuy 2.0 fraud solution.
“The rules of mobile and online commerce are changing rapidly, with over 100 million stolen credit & debit cards and user profiles being pumped into the payment ecosystem in just the last few months,” said Greg Wooten, CEO of SecureBuy. “There is no room for error. Every transaction needs to be assessed for risk, even if it is tied to a customer with a previously clean purchase history.”
“CNP fraud is growing rapidly as shopping moves online and chip-and-PIN technology makes other fraud schemes less successful,” said TJ Horan, vice president for FICO’s fraud management solutions. “Together with FICO fraud detection, the SecureBuy solution significantly improves fraud monitoring and decreases fraud losses, all while ensuring that consumers aren’t inconvenienced by fraud.”
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