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Tool to Stop Fraud at Purchase
A new tool allows Internet retailers themselves to take on the task of stopping fraudulent transactions instead of relying on credit card companies or banks. The OrderSpy tool is an easy-to-use online verification system that allows retailers to enter relevant order information a buyer or potential buyer provides, such as name and address or automatic information, such as the IP address of the computer generating the order. Merchants then push a button, and receive a score of 0 to 100 on how likely it is that the order contains fraud.
The tool automatically analyzes over 25 bits of information about the orders or allows the merchant to enter information manually. The orders can be screened for fraud before or after they are processed by the merchant.
The system can be configured to accept or reject transactions at certain fraud thresholds or to simply give a fraud score. The algorithms used to detect whether an order is fraudulent took three years for programmers to develop and test.
OrderSpy says merchants can expect to reduce fraud costs 90 to 98 percent.
Copyright © 2004 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 14, No. 8, 10/04
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