First Atlantic Commerce Ltd, an international, online multi-currency payment and risk management solutions provider, has this week unveiled a package of measures aimed at reducing online payment fraud for both bank acquirers and online businesses.
The package, called cGate® SecureRisk, consists of a suite of services including North American Address Verification Services (AVS), Card Verification match checks (CVV2/CVC2), AMEX CID match checks, worldwide 3-D Secure™ solutions, IP Geolocation and Geocompliance services, and the company’s newest product, cGate®Validate – a unique Card Account Confirmation service that enables banks and businesses to validate the consumer is in possession of both the physical card, and the monthly billing statement, when an online account is established.
Cardholders would be required to verify the amount and billing statement description of a particular transaction and confirm the details at the participating merchant’s web site, or customer service centre, in order to be confirmed as a legitimate cardholder.
“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 services provider, are also prime targets to credit card fraud through skimming, phishing and identify theft scams,” states Andrea Wilson, CEO, First Atlantic Commerce Ltd.
“In this day and age everyone needs to be far more pro-active in the pre-authentication of credit card transactions and/or consumers ahead of a fraud loss,” she added.
FAC’s 3-D Secure™ only services can be implemented independently of payment gateway transaction services, providing more payment screening flexibility to acquirers and payment processors.
“What is unique about FAC’s cGate®SecureRiskservices 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 risk,” Ms Wilson continued, concluding:
“Being flexible, and meeting the risk profile of our clients, is the ultimate goal of this new service suite."
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