Fighting fraud
According to eMarketer, business to consumer (B2C) ecommerce sales have grown by 21.1% and have reached over USD1 trillion in 2012. It is forecasted that B2C sales will increase by 18.3% in 2013 to approximately USD1.298 trillion worldwide. The Asia-Pacific region is expected to surpass North America as the number 1 market for ecommerce sales.
While these figures are quite promising for businesses engaged in ecommerce, it is also important to note that cybercrime stands at USD388bn and is 100 times more than the annual expenditure of UNICEF. Nearly 1 million adults become cybercrime victims every day. 44% of all online adults have experienced cybercrime last year.
A company that has attempted to deal with online fraud since its inception is Paymenex. The company is engaged in facilitating real time electronic payments between consumers and businesses. It provides a global switching of electronic money transactions, payment processing, and real time gross settlement (RTGS) for financial institutions.
Services are provided to clients worldwide through an advanced network called Paymenex TransNET. This is an open membership, low-cost multi-channel interchange network that is operated by Paymenex Regional Administrators worldwide. It delivers specialized services including electronic bill presentment and payment, gift and loyalty card management, RTGS and switching. Paymenex TransNET is a highly secure and reliable system providing clients with an online payment solution that protects them from fraud losses.
These services are also available on mobile technology through the use of xWallet Mobile. xWallet Mobile is a versatile technology with capabilities of mobile banking, mobile wallet, mobile payment and mobile loyalty services. It is also the first international mobile money platform that can be used in numerous countries around the globe and in multiple currencies.
xWallet enables users to make payments to merchants, send money to friends, colleagues, business associates or clients, pay their bills, make online purchases, find information related to their balance, PIN and other similar services. With a Paymenex Debit Card, xWallet Mobile users can have access to their local banking services as well as manage their bank accounts from anywhere in the world. It is secure, mobile and flexible.
Paymenex continues to work toward optimizing the safety and security of its financial products and to ensure that consumers around the world are able to conduct online transactions without having to worry about fraud losses or the misuse of their financial information.
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