American Girl launched its ‘Get A Friend. Give A Friend.” campaign in early November. It will run through the end of the month.
SecureBuy has been fighting against "friendly fraud" and "cyber shoplifting" by developing solutions to keep criminals out of the shopping cart.
SecureBuy has been fighting against "friendly fraud" and "cyber shoplifting" by developing solutions to keep criminals out of the shopping cart. The recent onslaught of data breaches and FBI warnings of increasing attacks have pushed fraud prevention to the top of many merchants' priority lists. Yet finding the silver bullet to manage e-commerce fraud can be daunting.
Spending roughly $3.10 to recoup every dollar lost to fraud, merchants are clearly at a disadvantage. But deploying a variety of fraud tools to fight increasingly sophisticated fraud schemes isn't always effective. When the card is not physically present at the point of sale, cyber criminals and (some) consumers take advantage, knowing online retailers don't have sufficient proof to catch them. By constantly evolving new fraud tactics, they stay a step ahead of rules-based solutions. An average enterprise retailer ends up manually reviewing around 25% of its transactions – and proactively refunding to preserve its customer base. Being able to detect the risks and take action on active threats means merchants must automate the review process and authenticate every transaction.
SecureBuy has worked with the world's leading analytic data scientists at payment scoring and analytics provider FICO to develop the most advanced frictionless authentication front-end payment fraud prevention technology ever created for card-not-present (CNP) merchants. This powerful card analytic technology was developed exclusively for credit- and debit-issuing banks and is currently used by 95% of U.S. issuers and 65% of global card issuers to detect fraudulent transactions. SecureBuy Powered with FICO™ draws upon a consortium data model to detect fraud schemes in real-time, before they've hit a merchant's checkout. If a transaction passes analytic authentication, it advances to checkout. When a transaction exceeds the merchant's risk threshold, however, active payer authentication is invoked and the card holder must authenticate directly with the issuing bank via 3-D Secure. Merchants must receive an approved response code from the issuing bank to shift financial liability for the transaction. SecureBuy's 3DS Decision Engine monitors the approval codes, and when the response is "no," it automatically requests an alternate payment method.
"The rules of mobile and online commerce are changing rapidly with over 100 million stolen credit and debit cards and user profiles being pumped into the payment ecosystem in just the last few months," says Greg Wooten, CEO of SecureBuy. "Manually reviewing credit and debit transactions and electively authenticating only the obvious unknowns doesn't cut it anymore. Every transaction needs to be assessed for risk, even if it is tied to a customer with a previously clean purchase history."
A strategic deployment of 3-D Secure will enhance the consumer experience while mitigating the risk on high-risk transactions. When a consumer is able to authenticate, the liability shifts to the issuing bank, and a lower processing fee is applied to the transaction. This method is also a viable solution for recovering revenue from transactions that would be otherwise blocked based on negative data. It also serves as compelling evidence of an authorized transaction in a chargeback representment.
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