The home improvement chain also said the malware responsible for the breach has been removed from all stores.
ReD’s unique payment fraud prevention system ReD Shield® will now be used to screen all online sales through Tenso.com
London - Tuesday April 12, 2011 - Leading international payment fraud prevention provider Retail Decisions (ReD) expands its global presence as it announces a new contract win with Tenso, one of the key companies enabling overseas customers to buy from Japanese online stores.
In collaboration with its Japanese partner, principal IT service consultant and provider NDS, ReD’s unique payment fraud prevention system ReD Shield® will now be used to screen all online sales through Tenso.com, a subsidiary of the NetPrice group, which operates one of the largest e-commerce sites in Japan.
The online market within Japan is huge and escalating. The country’s e-commerce growth is expected to grow from US$84 billion in 2009 to US$149 billion in 20141. But overseas trade has been restricted as most e-retailers do not accept credit cards from other countries due to the risk of fraud.
ReD provides an instantaneous risk assessment recommendation which determines fraudulent transactions from genuine ones. This means Tenso can offer customers a smooth and uninterrupted service at the check-out whilst accepting international card transactions safely. ReD’s solution, ReD Shield, combines neural technology with a multi-dimensional approach including customised and merchant-specific complex rules. The service is managed by a team of highly skilled risk analysts who continually monitor changing fraud patterns.
Carl Clump, CEO of ReD says, “By using the ReD Shield® platform, Tenso will now safely be able to expand its services and safely ship its products to over 50 countries outside of Japan which will have a major impact on the business. This is a significant step forward in increasing international online trade whilst mitigating the fraud risk.”
Keita Hosoe, Director of NDS says; “ReD has the best service and people in the payments industry for global fraud prevention. We chose ReD for its real-time all the time solution, award winning neural technology and dedicated risk specialists working shoulder to shoulder with their counterparts at customer sites. No other company can offer such a superior solution to its customers.”