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New Proof of Concept Launched with Major US Card Issuer
Edison, N.J., March 26, 2013 – ReD (http://www.redworldwide.com), a leading provider of fraud prevention and payment services, announced today that its ReD Fraud Xchange service is delivering reductions in chargebacks of up to 59 percent for merchant customers. Issuers using the service are able to take a more proactive role in protecting their cardholders from payment fraud, reducing the point of compromise detection time from 60 days down to 5.
With its unique processing capability, ReD Fraud Xchange is the only bi-directional data sharing service, enabling issuers to both send information to, and receive information from, the online merchant community. This means that fraudulent activity can be identified more quickly and merchants protected from the liability of chargebacks, loss of goods and possible fines. Issuers are able to write rules on merchant data such as shipping addresses and geo-location data, enhancing fraud strategies to deliver advanced fraud detection to cardholders. Merchants are able to increase acceptance of higher risk transactions and the ReD Fraud Xchange service is delivering clear improvements in false positive rates, for a better customer experience.
As take-up of the service continues to expand, ReD is launching a new Proof of Concept (POC) with one of the largest issuers of credit cards in the United States. ReD’s President North America, Kevin Sprake, comments: “Speeding up access to payment transaction data is the key to the next generation of fraud prevention. Sharing transaction data to identify points of compromise enables faster fraud detection and improved cardholder security. This major new POC will provide more important evidence of how ReD is able to deliver significant savings and reduced fraud risk to issuers and merchants.”
The strength of the ReD Fraud Xchange service is driven by ReD’s presence across the payments value chain - working with merchants, issuers, acquirers, processors and switch networks - and the company’s unrivalled access to data. ReD gathers transaction data from over 190 countries, has an extensive global BIN list and access to lost and stolen cards.
ReD is a world leader in fraud prevention and payment services. Our solutions are present at every stage of the payments value chain, supporting merchants, PSPs, issuers and acquirers, processors and switch networks in the fight against fraud.
ReD is different. We are flexible and independent of any card scheme. We protect billions of transactions across multiple channels and payment types. Our proprietary technology is underpinned by world class fraud and risk analysts and pooled data from more than 190 countries. Each customer receives a tailored, responsive and highly effective solution with day-to-day support from a dedicated, expert analyst.
ReD serves customers from multiple sectors and across six continents from offices in Australia, China, Dubai, South Africa, the United Kingdom and the United States, and through partners around the globe. For more information, visit www.redworldwide.com.