March 26, 2002, 12:00 AM

Card-not-present insurance incorporates ClearCommerce software

James Hampden Insurance will reduce by up to 25% the premiums on card-payment risk coverage for companies who use ClearCommerce Risk Management software.

 

London-based James Hampden Insurance said today it will reduce by up to 25% the premiums on card-payment risk coverage for companies who use ClearCommerce Corp.’s ClearCommerce Risk Management software.

James Hampden offers insurance to businesses selling in card-not-present channels--over the Internet or by telephone and mail--to cover financial loss resulting from unusually high occurrences of fraud in card-not-present transactions. The insurance is designed to protect card accepters from targeted payment fraud schemes.

< The insurance reimburses merchants for the value of goods or services lost, shipping costs, plus any penalty charges imposed by the card company and acquiring bank for unusually high occurrences of fraud.

"Both the Underwriter and our agency find that technology exists that is effective in detecting and preventing potential fraud before the purchase is completed," said Haydn Hertz, director of James Hampden. "The ClearCommerce Risk Management solution is especially attractive to us, because the terms of the insurance policy itself can be integrated as screening rules, highlighting for the business when a transaction falls outside of the terms of the insurance policy."

 

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