The funding round values the company at more than $1 billion. Sprinklr has raised $123.5 million to date.
ClearCommerce has released a new product that identifies the country of origin of a shopper’s Internet address as a way to combat international online payment fraud.
One of the trickiest areas of fraud to combat is international fraud over the Internet. While years of building databases and analyzing transactions has made it easier to detect US-based fraud, such structures for combating international fraud often do not exist. Austin, TX-based ClearCommerce Corp. has released a new product that it says takes on international online fraud.
ClearCommerce’s new GeoLocator product uses Internet address information from Redwood City, CA-based Quova Inc. which it then helps retailers match to an order’s country of origin. From there, the retailer can decide if it wants to fill the order based on whether the delivery data and IP data match and on average fraud rates from various countries.
“Industry research has shown that fraud rates for orders with IP addresses from certain countries exceed 10%, which is more than 10 times the typical rate from U.S. orders,” ClearCommerce says. “In addition, 21% of fraudulent orders can be identified by inconsistencies between the consumer’s IP address and their reported billing, shipping or card issuer countries.”
The new service will allow merchants to combine GeoLocator checks with any other merchant rules, negative lists, neural network risk scores or external service bureau data to identify potentially fraudulent orders.
“International fraud has been growing, unabated, and is now the largest category of fraud for most online merchants. The problem is so bad that many merchants are forced to reject orders being shipped to non-U.S. addresses, which is a high price to pay,” said Robert Lynch, president and chief executive officer of ClearCommerce. “Shutting doors to international business does nothing to stop the increasingly sophisticated and organized fraudsters who establish a U.S. presence to receive goods.”