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FAC Launches Anti-Friendly Fraud Solution,
by Glen Shapiro, LawAndTax-News.com, New York
Tuesday, January 27, 2009
First Atlantic Commerce Ltd. (FAC), a leading international, online multi-currency
payment and risk management solutions provider, has unveiled a comprehensive
suite of ‘card-not-present’ consumer pre-authentication and data
risk management solutions aimed at reducing or mitigating RC23 and RC83 chargebacks
associated with online payment ‘friendly fraud’.
The combined suite of solutions will help bank acquirers, online merchants
and IPSPs from increasing abuse of friendly fraud related chargebacks, which
are on the rise as a result of the current credit crisis. “Consumers that
charged transactions to their credit cards in August and September are now charging
them back under the ‘zero liability’ Issuer programmes (chargeback
RC23 and 83) simply because they can no longer afford to pay their bills due
to job losses or investment/savings losses. We have seen a considerable increase
in “Unauthorised Transaction” chargebacks since October, and it
reflects the current situation in the credit card markets,” states Andrea
Wilson, CEO of FAC.
It’s not just online businesses who are targets of cardholder credit
card fraud. Banks, Card Associations, payment processors, Call Centres and any
online financial service providers are also prime targets to credit card fraud,
whether it’s friendly fraud or from skimming, phishing and identify theft
scams. “In this current credit crisis market, the online industry as a
whole needs to be far more pro-active in pre-authentication of credit card transactions
and/or consumers ahead of a friendly-fraud loss,” says Wilson.
FAC’s cGate® SecureRisk solutions can be tailored to meet the specific
requirements of the client’s risk profile, including support of AVS and
CVV2/CVC2 match checks without a payment authorisation ($0 authorisation amount),
Call Centre AVS-only solutions, and AVS data matching to IP Geolocation verification
requests. These solutions help to identify if the person performing the transaction
is in fact in possession of the card or account, but will not prevent a friendly
fraud chargeback from occurring. 3-D Secure™ solutions, however, will.
FAC’s multi-region 3-D Secure™ Solutions for Verified by Visa
and MasterCard® SecureCode™ are available as a standalone service
to acquiring banks and merchants, who wish to shift the financial liability
of chargebacks for RC23 and RC83 back to the Issuer and cardholder who performed
the original transaction. FAC’s 3-D Secure™-only services can be
implemented independently of payment gateway transaction services, providing
more flexibility to acquirers and payment processors for payment screening.
“In a credit crisis market where consumers have legitimately performed
the transaction yet are now charging back claiming they didn’t do it,
the only protection a merchant and an acquiring bank has against those chargeback
losses is Verified by Visa and MasterCard SecureCode™,” says Wilson.
Merchants that participate in Verified by Visa have chargeback liability shift
protection on all transactions that are charged back for RC23 and RC83 if an
attempt to authenticate the cardholder is performed and the transaction is authorised.
The protection is also available for fully authenticated Verified by Visa transactions.
This is on a global basis whether the cardholder or Issuers are enrolled/participating
or not.
“If the attempt to authenticate the cardholder is performed, Visa protects
the merchant and the acquirer from friendly-fraud chargebacks by shifting the
financial liability back to the Issuing bank, even if the issuing bank has zero-liability
policies in place for their cardholders. This is vitally important in today’s
credit crisis as the balance of risk is now fluctuating at dangerous levels
for acquiring banks globally,” she says.
MasterCard SecureCode™ offers merchant liability shift on attempted
SecureCode™ authentications in all regions except the USA. If a merchant
is registered with a participating acquirer outside the USA they will have chargeback
liability shift on attempted SecureCode™ authentications on payment transactions
that are authorised – even from USA cardholders - which are subsequently
then charged back for RC23 and RC83.
“What is unique about FAC’s cGate®SecureRisk services is that
they are available in multiple currencies and countries so merchants and acquiring
banks, anywhere in the world, can implement their choice of solutions, and have
an immediate benefit with reduction in online transactional fraud,” states
Wilson.
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