SecureBuy and Fico analytics tackle CNP fraud
04 March 2014 | 1117 views | 0
SecureBuy, a leader in global payment fraud prevention and security technology, today 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, a leading predictive analytics and decision management software company.
The solution uses cloud-based analytics to score transactions for fraud risk in real time, offering advanced protection to merchants.
This new SecureBuy solution includes powerful, analytics-based fraud detection technology originally developed by FICO for credit and debit issuing banks. This technology is used in FICO® Falcon® Fraud Manager, the world's leading fraud management solution that protects more than 2.5 billion payment cards worldwide. The new solution integrates FICO's proven self-calibrating analytics and global intelligent profiling with SecureBuy's powerful physical attribute authentication to create a new industry performance benchmark for frictionless payment authentication.
Integrated within the shopping cart or point-of-sale (POS) application, SecureBuy has dramatically increased the performance levels of its well-known SecureBuy® 2.0 fraud solution. This new SecureBuy solution will be hosted within SecureBuy datacenters and offered to acquiring banks, ISOs and enterprise merchants.
"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."