Careful, the Store Detective Is Watching
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Department stores and other big retailers introduced the concept of a store detective long ago, to keep an eye on the customers as well as the hired help. Now payments processor WorldPay is rolling out a high-tech version for use by online commerce operations.
The privately held UK company, with American headquarters in Sterling, Va., says the application, called WorldAlert, acts as an individual "store detective" overseeing each transaction.
It protects both online retailers and shoppers by detecting patterns of fraudulent buying behavior and automatically alerting the retailer to the level of risk involved, the company said.
Online credit card fraud remains one of the major hazards to doing business online. According to a recent survey from Experian, Internet retailers are still an easy target for credit card fraudsters. The research found that 73 per cent of online retailers are experiencing chargebacks as a result of fraud.
Experian's anti-fraud solutions includes e-identity, which is available via the Internet on. E-identity accesses Experian's consumer databases and public information sources to return an "authentication score." Many other companies have similar technology.
WorldPay said its new product analyzes multiple card types in real time, offering across-the-board payment screening. WorldPay said it developed the global transaction system in-house, to address the needs of its own customers.
"... the third-party anti-fraud technologies currently available (are) simply too complex and require too much intervention by the retailer," said Nick Ogden, CEO of WorldPay.
WorldPay says it has 16,000 merchant customers in 115 countries selling to shoppers worldwide.