American Express announced today it is teaming up with other online fraud prevention companies to help stop card-not-present (CNP) fraud and make online shopping safer for its merchants and Card Members around the world.
Enhanced Authorization , American Express’ industry-leading fraud identification solution, is now integrated via API into Accertify’s Fraud and Abuse Protection Platform*, Microsoft’s Dynamics 365 Fraud Protection and Riskified’s Fraud Management Platform. Additional integrations to come over time.
“The best way to drive fraud out of the digital payments ecosystem is for merchants and card issuers to share more data with each other at the moment an online purchase is happening,” said Tina Eide, SVP, Global Fraud Risk. “Our partnerships with Microsoft, Riskified and Accertify expand the reach of our Enhanced Authorization solution to online merchants big and small, helping us to instantly identify and block fraudulent purchases. Working together to fight fraud benefits everyone.”
Enhanced Authorization is a global solution that more accurately and instantly identifies whether a fraudster or a true customer is on the other end of an online transaction. Now, through the Enhanced Authorization API, the solution is being integrated into the online fraud prevention products that many merchants leverage to protect their businesses enabling increased data sharing between merchants, which strengthens American Express’ fraud risk assessment on each transaction.
Matt Lifshotz, Head of Bank and Issuer Partnerships, Riskified: "Effective collaboration across the payment ecosystem is imperative to enable the eCommerce revolution. Our partnership with American Express - and the Enhanced Authorization partnership we’re announcing today - is a major step forward that will have a real impact on how transactions are evaluated and what customers experience.”
Anand Oka, General Manager, Microsoft Dynamics 365 Fraud Protection: “Enhanced Authorization was integrated with Microsoft Dynamics 365 Fraud Protection in 2019, and merchants are gaining significant benefits through increased authorization and a better shopping experience. The integration included modifications to better enable data sharing by merchants and to incorporate high quality merchant fraud assessment, such as that generated by Microsoft Dynamics 365 Fraud Protection.”
Mark Michelon, President of Accertify: “With Enhanced Authorization, we are able to add yet another layer of fraud protection for Accertify merchants. By adding on to our machine learning and community data, Enhanced Authorization can help merchants increase approval rates without false positives or negative impact to the customer experience.”
Specifically, Enhanced Authorization enables merchants to securely share additional transaction details with American Express, such as the buyer’s email address, IP address, shipping information, and phone number. The benefits to American Express merchants and Card Members are:
• Less fraud – Up to 60 percent reduction in fraud at online merchants, because fraudulent purchase attempts are more accurately declined
• Increased approval rates – More legitimate transactions can be approved, with online merchants seeing an average increase of 50 basis points
• Less checkout disruptions – Easier to identify and instantly verify good customers even if it’s their first time making a purchase
• Seamless customer experience – Enhanced data is captured instantly in the background, so there’s no impact to the customer checkout experience.
Merchants can also share enhanced transaction data directly with American Express within the authorization request or via the Enhanced Authorization API.
American Express is an industry leader in fraud prevention constantly investing in its capabilities to combat the latest digital threats to help online merchants big and small improve their fraud detection and prevention measures. Due to its relentless focus on eliminating fraud, American Express has had the lowest fraud losses in the industry for 14 consecutive years, according to the February 2021 Nilson Report.