SecureBuy® Powered with FICO™ Groundbreaking Scalable Fraud Technology
Payment Fraud Statistics - Where are we today?
- Over 100 million stolen credit & debit cards and user profiles have been pumped into the payment ecosystem as a result of recent data breaches. Identity fraud is now hitting a new victim every 2 seconds! Every transaction needs to be assessed for risk even if it’s tied to a consumer with a clean purchase history.
- According to ThreatMetrix: The Cost to E-Commerce from Credit Card Data Breaches Webinar, there were over 800 data breaches in 2013. An average of 2.1 data breaches per day in 2013.
- Europe and Canada experienced a 40 to 60% increase in online fraud when EMV was implemented.
- According to LexisNexis® 2013 True Cost of Fraud Study, Merchants paid more per dollar of fraud in 2013 as a result of an increased proportion of fraud through the online channel. Online-channel fraud costs merchants $3.10 for each dollar of fraud losses.
- Merchants utilize an average of 5 separate paid tools and up to 15 free third party call-out tools to detect online fraud. And 1 out of every 4 transactions are deemed high-risk and set aside or pushed to an analyst for manual review. 75% are eventually accepted and 7% of manually reviewed transactions are false positives or inadvertent customer insults.
- Although chargebacks are the most often cited metric, merchants report that chargebacks account for only 43% of all fraud claims. Proactive refunding is taking place to resolve 57% of what they deem to be fraudulent claims. Online merchants only challenge 53% of chargebacks with a 43% average win rate.
SecureBuy Powered with FICO™ is a complete automated end-to-end credit & debit card fraud prevention solution that has created a new payment industry performance benchmark for transparent payment authentication globally.
Cloud-based and integrated within the shopping cart or point-of-sale, SecureBuy Powered with FICO™ includes proven adaptive analytics, global intelligent profiling and a consortium data model originally created for issuing banks and currently used by 95% of U.S. card issuers and 65% of global card issuers. This portion of the technology is currently utilized in FICO Falcon® Fraud Manager, the world’s leading fraud management solution that already protects more than 2.5 billion payment cards worldwide.
SecureBuy's new dynamic, self-calibrating, neural network consortium data model combined with its powerful physical attribute authentication provides merchants the best transaction scoring available today. Any transaction exceeding a merchant's risk threshold prompts the consumer to authenticate via 3-D Secure with the cardholder's issuing bank providing the merchant a liability shift and interchange advantages.
Included and optional technology is SecureBuy’s Terms and Conditions Manager and patented electronic handwritten signature technology that captures proof of purchase exactly as it was experienced. Stored in a PCI-compliant repository, the certified sales documentation provides the evidence to defend against 98% of chargebacks.
SecureBuy’s fraud prevention technology is the only integrated solution on the market with true risk-based authentication that is not issuing bank dependent. SecureBuy has created a frictionless consumer experience and eliminated the need for manual review of credit and debit transactions allowing fraud analysts to focus on the review of alternative payments.
SecureBuy’s Total Fraud Solution Includes:
- Analytic Authentication Powered with FICO™
- Risk-based Active 3-D Secure Authentication with 3DS Decision Engine
- Terms & Conditions Manager
- Biometric Signature Capture
- Certified Forensic Signed Sale Receipt
- TransExam Chargeback Management System
SecureBuy's patent-pending screen scrape technology captures the entire purchase, including the customer's signature and the terms and conditions agreed upon at time of purchase. The signed sales receipt can be automatically included within your customers confirmation email. SecureBuy provides the indisputable proof of purchase (considered compelling evidence by the card brands recent rule changes) needed to defend against chargebacks. It's all the proof you need to protect your business from friendly fraud/Cybershoplifting™ 100% of the time.
SecureBuy created the industry's first certified signed sales receipt/draft for online merchants. The sales receipt/draft is securely stored within TransExam, the first payment neutral chargeback management system. Merchants can now retrieve all necessary sales documentation to win payment disputes and retrieval requests. TransExam warehouses all sales drafts in accordance with all credit card company rules and regulations, PCI Compliance, Personal Information Protection Act (PIPA) and Electronic Documents Act standards. >> Learn More
SecureBuy's total fraud solution protects your consumers. By actively authenticating suspicious transactions with 3-D Secure, providing inline terms and conditions and the ability to sign the biometric signature pad, consumers know you are providing the most advanced security available to protect their financial and personal information.