FOR IMMEDIATE RELEASE
For more information on ClearCommerce, please contact:
Springbok Cohn & Wolfe
Powerful arsenal of online risk management technologies delivers optimal effectiveness and flexibility for controlling card-not-present payment fraud.
Austin, TX – December 10, 2001 – ClearCommerce® Corporation, the leading provider of payment processing and risk management software for e-commerce, announced today the launch of ClearCommerce Risk Management, a comprehensive solution that enables merchants to effectively fight the growing problem of card-not-present payment fraud and achieve optimal results in loss prevention.
ClearCommerce Risk Management is the first software solution that combines the industry’s most powerful arsenal of online risk management technologies; total business user control over the risk management process; enterprise-class reliability availability, performance, and security; and no transaction fees. ClearCommerce Risk Management enables risk managers to effectively manage financial risk, minimize costs, and maximize transaction throughput and customer satisfaction.
“Card-not-present fraud is estimated to be 10 times higher than for card-present transactions,” said Daniele Micci-Barreca, director of risk management of ClearCommerce. “There is no single silver bullet solution; success in controlling both fraud losses and review costs can only be achieved by combining multiple risk management screening approaches.”
ClearCommerce Risk Management bundles powerful technologies and professional services that address the key elements of an effective risk management program - Authentication, Screening, Case Management, and Analysis and Tuning.
Authentication - ClearCommerce Payer Authentication is certified by Visa for worldwide use with Visa’s new Verified by Visa program. Using Visa’s 3D Secure Payer Authentication technology, it authenticates participating cardholders and eliminates the merchant’s liability for fraud-related charge-backs. ClearCommerce Risk Management also supports the integration of other business authentication processes into the risk management assessment.
Screening – FraudShieldTM, based on patent pending technology, is the risk manager’s control panel. Through FraudShield, risk managers have the flexibility to design a customized, automated transaction screening process that combines multiple screening technologies, including sophisticated business rules, FraudAnalyzer neural network risk scoring, GeoLocator international IP address location, intelligent lockouts, and processor-supported verification mechanisms.
Case Management – In addition to completely configurable screening criteria, ClearCommerce Risk Management provides flexibility for managing suspicious transactions. Those identified as potentially fraudulent may be rejected outright, or placed in a “review pending” state for verification by risk management staff.
Analysis and Tuning – Achieving and maintaining optimum results requires a continuous process of monitoring and re-tuning. ClearCommerce Risk Management generates a database of all relevant transaction screening, approval, and outcome data that enables risk managers to analyze and tune their process. ClearCommerce also provides risk management consulting services to help maximize the effectiveness and efficiency of the screening process and leverage the detection technologies available in the ClearCommerce software.
"Industry leading retailers from our roster of over 40,000 customers have looked to us to help solve their growing and ever-changing risk management challenges,” said Robert Lynch, president and chief executive officer of ClearCommerce. “As the leading provider of payment processing and transaction management solutions, we are uniquely positioned to deliver these best of breed fraud protection technologies.”
ClearCommerce Risk Management software is immediately available and may be used with ClearCommerce or proprietary payment applications, or third-party payment services to provide a complete financial transaction system.
About ClearCommerce Corp.
Austin, Texas-based ClearCommerce is the leading provider of e-commerce payment processing and risk management software to safeguard and automate online financial transaction processing. ClearCommerce software is used by more than 40,000 businesses worldwide, including customers such as Apple Computer, PETsMART, Sony Online, and Chase Merchant Services. For more information, visit www.clearcommerce.com.