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February 11, 2010

  • Merchants Fight Back With Fraud Score, Pt.1
      Detecting fraud before processing orders.

    Online merchants looking to capture the business of discouraged credit card customers, who have walked away from online shopping due to a growing risk of theft, will now have something to lure them back. Fraud Score is new credit card fraud protection software that aims to help e-tailers detect fraudulent orders ahead of payment processing. Volusion, a global leader in providing online shopping cart software announced the newest member of the family, Fraud Score. The new program is designed to protect credit card customers by identifying traits, patterns, and trends that are associated with fraudulent activities. Fraud Score will also protect merchants by reducing transaction risks and the number of charge backs.

    It is estimated that over 220 million credit card accounts, medical records, and Social Security numbers were compromised in 2009. The number is enormous especially when compared to only 35 million the year before which also represented a high risk. Recent studies indicate that cyber crime has become the fastest growing criminal activity greatly surpassing the economic growth. With Fraud Score, merchants will have the capacity to check 15 sensitive data fields which include history, address, geographical IP address, and email and bank identification numbers. Combined, the data will assign a numerical score that represents each transaction. Credit card processing will be determined based on the Fraud Score.

    Volusion, the makers of Fraud Score say the program is designed for successful safe online business. During the approval process, the program delivers a score between 0 and 300 which identifies the credit card transaction risk for the order back to the merchant. The merchant is then able to determine whether or not the transaction one worth taking the risk. An automated risk assessment process helps detect fraudulent orders. Volusion boast that preventing just one chargeback resulting from fraud will pay for a month's protection service.

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