CyberSource, a Visa company (NYSE: V), today announced availability of the world’s largest real-time fraud detection radar, empowering online merchants to pinpoint fraud faster, more accurately, and with less manual intervention.
This advance enables merchants to conduct more accurate analyses of their inbound orders, including comparison of those orders to the over 60 billion transactions Visa and CyberSource process annually, including orders that were confirmed to be fraudulent.
Data insight derives from transactions across multiple payment types and from merchants worldwide, spanning online, call center, mobile and POS sales channels. The transaction data is supplemented by 200 validation and correlation tests. This solution effectively expands the depth and breadth of transaction pattern visibility.
The new development comes at an opportune time.
- eCommerce merchants say fraud became more sophisticated and harder to detect in 2010, and this challenge is likely to grow. Download the CyberSource 2011 Fraud Report here
- 90% of online thieves are now associated with organized crime. Details of Fraud patterns can be found here
- “botnet” infections are growing at a rate of approximately 200,000 per day. Download “10 Botnet Questions” White Paper here
The ability to accurately detect fraud in such a sophisticated criminal environment requires correlating vast amounts of information to detect subtle anomalies.
“Data is the lifeblood of fraud detection,” said Michael Walsh, CyberSource President and CEO. “When Visa acquired CyberSource, one of the stated goals was to deliver a new level of fraud prevention to online merchants, enabled by our end-to-end view of electronic transactions, worldwide. We are now delivering exactly that.”
Read the full PRnewswire press release here