Online merchants preparing for record sales this holiday season now have a new weapon in the fight against Internet credit card fraud thanks to riskwise.com.
Chargeback Defender, recently introduced by the Horsham-based company, is a cutting-edge tool that helps e-commerce merchants identify customers who are using a stolen card, have a history of not paying for products, are abusive of product returns or have a propensity for family fraud (unauthorized purchases by children).
“Every industry analyst is predicting that this holiday season will far surpass last year’s record sales on the Internet. And with almost all of that business involving credit card purchases, it is crucial that online merchants have a way to fight back against credit card abuse and fraud,” said Paul Fichtman, founder and president of riskwise.com. “Not only does this product allow companies to dramatically reduce the cost of fraudulent transactions, which can have a significant impact on the profitability, but it also means more business for merchants.”
Chargeback Defender uses a unique set of identity, high risk, verification and negative payment data to create a proprietary Chargeback Defender score. The score, which is accompanied by explanatory codes, gives online merchants an enhanced ability to identify transactions with a potential for high risk.
The service already is being used by some of the Internet’s largest and most well known e-commerce services.
“This product helps merchants find additional profitable sales opportunities in address verification failures and has been proven to identify seventy-five percent of chargebacks in the ten percent of transactions exhibiting the highest risk,” added Fichtman.
Specific riskwise.com advantages include:
— A collection of more than 50 databases containing more than two billion consumer records
— Proprietary models designed by riskwise.com’s world class modeling group capable of accurately predicting the risk associated with a first-time transaction without the need to depend on purchasing history of a specific customer as required by most other products
— Faster service that delivers powerfully predictive results in an average of two seconds or less
— Unique customization capabilities that deliver maximum predictive power by adapting standard tools developed by riskwise.com’s modeling group to a merchant’s specific needs within two to three weeks
— The industry’s lowest false/positive rate due to riskwise.com’s multiple databases used for each individual identifier that instantly verify any discrepancies suspected during the transaction.
Founded in 1999, riskwise.com is a wholly owned subsidiary of RiskWise International providing risk management and fraud detection services designed to safeguard Internet transactions. Its primary products, SureSale and Chargeback Defender, are designed to help e-merchants identify more safe transactions and improve both their top- and bottom-line financial results. Initial customers include some of the largest on-line merchants and bankcard issuers.