ReD, a leading global fraud prevention provider, has announced a new four year agreement with South African headquartered payment gateway, Setcom.
The agreement will make ReD's industry leading ReD Shield® fraud prevention solution available to Setcom's global merchant base, as part of an integrated fraud and payments offering.
The partnership will allow Setcom to offer ReD's proven fraud and risk services to its wide range of clients worldwide. ReD will work closely with Setcom and its merchants to provide consultancy and expert risk advice to deliver tailored solutions.
Lee-Anne Porter, Vice President, Sales, Africa at ReD, commented: "The recent move to chip and PIN cards and the rapid growth of ecommerce in South Africa have created a corresponding increase in card-not-present (CNP) fraud. As a result, effective real-time fraud prevention solutions are becoming essential for merchants in South Africa, in order to protect their businesses from fraudulent attacks and maximise revenue from genuine customers. This is where ReD's proven solutions, international expertise and team of expert risk analysts can offer real value and tangible results. We are pleased to be working with Setcom to assist merchants at this crucial stage in the market's development".
Kumalan Naidoo, CEO at Setcom added: "We are looking to not only drive ecommerce volume in a safe and secure manner, but also to promote online retail and encourage young entrepreneurs to venture into ecommerce by countering some of the risks associated with this line of business. We are excited about this new partnership as it allows merchants at all levels to be safeguarded by ReD's world class fraud solutions, acting as an enabler to those looking to launch or expand their online business."