Elavon, a leading global payments provider and wholly-owned subsidiary of U.S. Bancorp (USB), and 41st Parameter, the global leader in online fraud detection and prevention, have forged an agreement whereby Elavon will offer its clients FraudNet - 41st Parameter's hosted fraud prevention solution.
As a result of this agreement, Elavon will provide the tools necessary for clients to mitigate fraud and enable stronger commerce.
As ecommerce sales continue to accelerate significantly faster than the overall rate of growth in the US economy, the ability to address the total cost of online payments is becoming critical for businesses everywhere. Reducing the risk associated with fraud, while making sure that good customers are not turned away, is a balancing act. By employing comprehensive fraud detection at the online point of payment, ecommerce merchants can more precisely detect and prevent sophisticated card-not-present fraud schemes, allowing them to confidently accept more transactions while reducing fraud losses. The outcome results in reduced chargebacks, increased operational efficiencies, improved consumer loyalty and - ultimately - increased revenue.
"The relationship with 41st Parameter opens a new path for how the industry implements advanced global fraud protection services to help businesses optimize their bottom line," said James Ray, SVP Global Strategic Account Management at Elavon. "Elavon's global reach, local expertise and international processing platform, combined with 41st Parameter's FraudNet solution, will help our customers lower the Total Cost of Acceptance and afford them the opportunity to focus on valuable initiatives that drive growth."
Elavon selected 41st Parameter's FraudNet solution on the basis of its superior fraud detection results and extremely low false positive rates. 41st Parameter has over eight years of continuous innovation, fraud expertise and a proven track record of servicing the world's top banks, travel and ecommerce organizations making them a dependable choice to service Elavon's respected set of global clients.
"More and more consumers are shopping online; however, with the rise of more sophisticated fraudsters, ecommerce players have become cautious about rapidly expanding online sales due to increased chargebacks and, ultimately, lost revenue," explains Alan Naumann, CEO of 41st Parameter. "This strategic alliance between Elavon and 41st Parameter delivers a safer ecommerce platform enabling ecommerce revenues to flourish."