Almost 30% of eRetailers not protected from fraud; WorldPay launches "virtual store detective"
Contact:
Jim Crawford
Crawford Public Relations
703-753-4480
jcrawford@crawfordpr.com
Sterling, VA, July 1, 2002 - Multi-currency payment processor WorldPay today
announced the launch of WorldAlert, a unique new e-commerce product that
takes the burden of managing anti-fraud protection away from the retailer.
The launch comes in the wake of research from Experian* showing that over
97% of online retailers have been hit by online fraud over the last year,
yet almost 30% of them still rely on manual methods of fraud detection,
indicating that they prefer not to use currently available third-party
anti-fraud systems.
WorldAlert acts as an individual `store detective` overseeing each
transaction, protecting both online retailers and shoppers by detecting
patterns of fraudulent buying behavior and automatically alerting the
retailer to the level of risk involved. The retailer can then decide whether
to accept or decline the transaction. It is unique for several reasons:
-- Non-third-party system - WorldAlert was developed by WorldPay in-house,
expressly to address the needs of WorldPay customers. No further integration
is necessary;
-- "Hands-off" operation - The retailer does not have to calibrate the
system. Instead, WorldPay has a team of risk specialists constantly
monitoring feedback from every transaction and fine-tuning WorldAlert`s
parameters as required;
-- International scope - WorldPay uses global transaction data, not just
US - specific data. This enables it to function globally, screening every
transaction against fraud;
-- Real-time, multi-card analysis - WorldAlert analyzes multiple card types
in real time, offering across-the-board payment screening.
"We have long foreseen that the third-party anti-fraud technologies
currently available were simply too complex and required too much
intervention by the retailer," said Nick Ogden, CEO of WorldPay. "The
figures from Experian bear this out; retailers actually see manual checks as
less onerous and more effective than third-party anti-fraud technology. We
developed WorldAlert in response to this. WorldPay looks after the
fine-tuning of the system, and the retailers simply reap the benefits,
without any need for their repeated intervention. We have also implemented
an incentivized pricing plan to enable retailers who are currently operating
through other payment providers to migrate to WorldPay and enjoy the
protection that WorldAlert offers."
"U.S. retailers that have held back from pursuing global eCommerce out of
concerns over security now have the added assurance of WorldAlert to protect
their financial interests in the fast-growing international online sales
market," said David Talley, WorldPay`s Vice President - Americas. "With
WorldAlert, retailers can benefit from the best system on the market for
stopping eCommerce fraud in its tracks."
* http://press.experian.com/documents/showdoc.cfm?doc=774
About WorldPay
WorldPay (www.worldpay.com) was founded in 1993 and throughout its history
has consistently developed innovative and secure Internet-based products and
services. Today, as the globally acknowledged and trusted leader in secure,
multilingual and multi-currency Internet payment solutions, WorldPay enables
over 16,000 customers in 115 countries to sell to shoppers around the
globe - in the language and currency of their choice.
At WorldPay`s virtual mall, www.shopatworldpay.com, thousands of retailers
from around the globe are open for business, 24 hours a day, seven days a
week and searchable by category, name or location. WorldDirect, WorldPay`s
multi-currency payment system is integrated to all the leading eCommerce
storebuilding applications, including its own Click and Build. Other
WorldPay services include repeat billing solution FuturePay.
Through its unique Guarantee, WorldPay makes international online
transactions easy, safe and reliable by offering online businesses
protection against card fraud, and shoppers` peace of mind that they are
buying with confidence from WorldPay Guaranteed online stores. Based in
Cambridge, UK, WorldPay`s Asia Pacific regional center is in Singapore and
its Americas center is Sterling, Virginia, USA. It also has operations in
Germany and South Africa.
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