Payment fraud prevention specialist SecureBuy and analytics firm FICO have partnered to create a fraud prevention system for card-not-present (CNP) transactions.
The SecureBuy product uses Fico’s cloud-based fraud detection technology to assess mobile and online payments for fraud risk in real time.
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Greg Wooten, CEO of SecureBuy, said: "The rules of mobile and online commerce are changing rapidly, with over 100m stolen credit and debit cards and user profiles being pumped into the payment ecosystem in just the last few months.
"There is no room for error. Every transaction needs to be assessed for risk, even if it is tied to a customer with a previously clean purchase history."
"CNP fraud is growing rapidly as shopping moves online and chip-and-PIN technology makes other fraud schemes less successful," said TJ Horan, vice president for FICO’s fraud management solutions.
"Together with FICO fraud detection, the SecureBuy solution significantly improves fraud monitoring and decreases fraud losses, all while ensuring that consumers aren’t inconvenienced by fraud."
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