CyberSource Corporation (Nasdaq: CYBS) and Visa Canada today announced the availability of CyberSource Advanced Fraud Screen enhanced by Visa to the Canadian market.
A comprehensive fraud detection service for online or phone-based businesses, the system examines online and telephone transactions, estimates the level of risk associated with those transactions, and provides merchants with risk scores and factor codes, enabling easier identification of potentially fraudulent orders.
"Online and phone transactions are a growing part of the Visa business in Canada, and we want to ensure the future success of these areas," said Gord Jamieson, Director, Risk and Security, Visa Canada Association. "By working with companies like CyberSource to provide services such as the CyberSource Advanced Fraud Screen enhanced by Visa, we are helping to address security concerns around e-commerce, for merchants and consumers alike."
CyberSource Advanced Fraud Screen enhanced by Visa complements the other layers of the Visa fraud prevention program, which include the Account Information Security Program, Address Verification Service and the Card Verification Value 2 (CVV2) service. CyberSource and Visa Canada are also collaborating in Canadian eCommerce through implementations of the Verified by Visa service.
CyberSource Advanced Fraud Screen enhanced by Visa provides fraud risk prediction scores. It does so through behavioral scoring by assessing over 150 order variables such as Canadian and international address validation, order frequency, and order history. Risk scores are typically calculated in less than 2 seconds. The service is further enhanced by Visa's Virtual Intelligence Risk Technology, which provides ongoing model updates using knowledge of global fraud trends and online and offline payment card usage patterns to improve fraud detection accuracy for card-not-present merchants. The combination of these systems means CyberSource Advanced Fraud Screen enhanced by Visa benefits from the market's largest database of global fraud trends and global payment-card usage patterns, including online and offline transaction data. This service is a component of the CyberSource Decision Manager system and Managed Risk services.
"CyberSource's latest survey of U.S. and Canadian e-commerce fraud shows online merchants are seeking more and more sophisticated tools to battle systematic fraud," said Perry Dembner, CyberSource vice-president, marketing. "Our experience with the product in the U.S. has shown that CyberSource Advanced Fraud Screen enhanced by Visa can be a powerful addition to the merchant arsenal."