CyberSource(R) Enhances Internet Fraud Screen to Combat Credit Card Fraud
Advances in Fraud Detection Service Help Businesses Selling Online and Via
Call Centers Convert More Valid Orders and Avoid Losses
MOUNTAIN VIEW, Calif., June 4 --
CyberSource Corporation (Nasdaq: CYBS), a leading provider of risk management
and real-time payment solutions, and a pioneer in Internet fraud detection,
today announced enhancements to the CyberSource Internet Fraud Screen enhanced
by Visa (IFS). The fraud screening service enhancements help businesses
selling online and via call centers maximize profits and improve valid order
conversion rates by identifying attempted fraudulent orders with greater
accuracy.
Improvements of approximately 25 percent in the fraud detection and
identity verification capabilities were achieved by refining the performed
screening tests, and relative weights, based on the evaluation of fraud trends
experienced by CyberSource customers. To implement these refinements,
CyberSource created a new, highly flexible screening model. This model allows
quick deployment of new tests and weight modifications, enabling CyberSource
to customize screening models for its customers by industry, geolocation or
merchant-specific criteria. These refinements not only improve the
predictiveness and manageability of the system, they also help reduce false
positive scoring results (i.e., customer orders incorrectly flagged as
potentially fraudulent).
In addition to the refined tests and weights, CyberSource added a new risk
profile code to improve customer service efficiency and a business` ability to
convert more valid orders. Risk profile codes help merchants gain a greater
understanding of the key factors that contribute to an IFS risk score on any
specific transaction. The new code identifies a gift order, where there is a
bill-to and ship-to address mis-match by country or state, which often
represents a higher probability of fraud. With this new risk profile code,
along with the improved fraud detection capabilities, merchants can quickly
determine whether to accept or reject an order and respond to customer service
inquiries.
"We recognize that fraud can have a major impact on a business` bottom
line," said Jeff King, Director of Risk Product Management for CyberSource.
"We are pleased to be able to announce these refinements to our fraud
screening service to continue helping businesses combat credit card fraud and
related losses. These enhancements underscore CyberSource`s commitment to be
the leading provider of the most advanced and highly accurate fraud screening
solution on the market."
"Fraudsters and cyber-criminals are becoming increasingly sophisticated,"
commented Joseph Marino, Senior Analyst at Current Analysis, Inc. "Selecting
a solution provider, like CyberSource, that continually evaluates and improves
the accuracy of its fraud detection service will be critical to those
businesses concerned with combating credit card fraud and reducing its impact
on their bottom line."
The enhanced version of IFS will be available June 7, 2001. All current
IFS customers will automatically benefit from the new enhancements and can
begin taking advantage of the new risk profile code immediately.
The CyberSource Internet Fraud Screen enhanced by Visa
IFS screens commerce transactions generated from web sites or call centers
and measures the level of risk associated with each order, returning a related
risk score back to a merchant in real time. Merchants then make a decision
about whether to accept or reject the order. This service not only provides a
more efficient risk management tool for merchants, but also provides a higher
level of security for online shoppers.
Using data validation, artificial intelligence pattern matching, a neural
network model co-developed with Visa USA, network data aggregation and
merchant-specific negative file checks, IFS examines more than 150 different
factors to calculate the risk of fraud associated with a purchase. In
addition, IFS validates the billing and shipping addresses provided by
shoppers in an online or call center order. Specifically, the service
confirms that these addresses are both legitimate and deliverable.
The average time for the fraud screening process is less than one second
and merchants have the flexibility to tailor risk measurement assessments
based on specific seasonal criteria or other deviations in their expected
customer behavior.
About CyberSource
CyberSource Corporation is a leading provider of payment risk management
and real-time payment solutions for enterprise businesses. CyberSource
solutions are specially designed for multiple sales channels, such as Web and
call center/IVR, and include professional services to assist customers with
the design, integration and optimization of enterprise-wide commerce
transaction systems. CyberSource serves over 3,000 businesses, including over
half of the Dow Jones Industrial companies. The company is headquartered in
Mountain View, Calif., and has sales and service facilities in Japan, the
United Kingdom, and various other locations in the United States. For more
information, please visit CyberSource`s web site at http://www.cybersource.com
or email info@cybersource.com.
NOTE: CyberSource is a registered trademark in the U.S. and other
countries. All other brands and product names are trademarks or registered
trademarks of their respective companies.
-0- 06/04/2001
CONTACT:
Jennifer Jennings of CyberSource Corporation
650-965-6042
jjennings@cybersource.com
or
Liz Haas of Atomic Tech PR
415-703-5494
liz@atomicpr.com
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