VISA U.S.A. AND CYBERSOURCE JOIN FORCES TO REDUCE INTERNET FRAUD
Visa U.S.A. and CyberSource Corporation have announced they have entered into an agreement to jointly develop and promote the CyberSource Internet Fraud Screen enhanced by Visa.
The two companies will collaborate to expand the capabilities of the existing CyberSource Internet Fraud Screen, leveraging Visa's fraud modeling expertise and CyberSource's Internet fraud reduction experience and historical transaction database. The new product, CyberSource Internet Fraud Screen enhanced by Visa, will be promoted and marketed to Visa's Member financial institutions and Internet merchants. Visa and CyberSource's collaboration on Internet fraud detection is one example of how the two companies are facilitating the secure growth of e-commerce.
"As we move into the holiday season, it is important that we provide Internet merchants with the best tools to help them profitably manage their businesses," said Jim Degracia, senior vice president, Electronic Commerce, Visa U.S.A. "This is one more way Visa is working to create a secure infrastructure and mainstream e-commerce, making online transactions safe and easy for shoppers and merchants alike."
"Visa and CyberSource are focusing our collective efforts on combating Internet fraud, which works to provide merchants a secure environment for conducting business on the Internet and drive the growth of e-commerce," said Bill McKiernan, CyberSource Chairman and CEO. "This significant agreement strengthens CyberSource's position as the leading provider of Internet-based fraud screening services available to e-commerce merchants today."
The CyberSource Internet Fraud Screen enhanced by Visa screens e-commerce transactions and measures the level of risk associated with each order, returning a related risk score back to the merchant in real time. Not only does this provide a more efficient risk management tool for merchants but it provides a higher level of security online. Keeping with the Visa tradition of ensuring cardholder privacy, no individual cardholder data will be exchanged during the fraud screening process.
The CyberSource Internet Fraud Screen enhanced by Visa uses data validation, artificial intelligence pattern matching, network data aggregation and negative file checks as it examines more than 150 different factors to calculate the risk of fraud associated with an online purchase. Merchants have the flexibility to custom tailor for specific seasonal or other deviations in their expected customer behavior. Online merchants can run a pending credit card request through this online service and receive a rating or "score" that assesses the likelihood of fraud. Merchants then make a decision about whether to accept or reject the order. The average time for the fraud screening process is less than five seconds.
As a result of an extensive validation and collaboration by Visa, the newly enhanced fraud screen will enable merchants to more accurately screen for Internet fraud risk. Throughout the term of the agreement, Visa and CyberSource intend to continue to enhance the fraud screen and increase its redictive power.
The CyberSource Internet Fraud Screen enhanced by Visa is currently available, with preferred pricing, from CyberSource and its authorized resellers. Merchants are eligible to receive significant discounts off the fraud scoring charges for all Visa transactions.
Visa is the leading card brand and the largest consumer payment system worldwide, providing payment solutions for consumers, industry and government. It plays a pivotal role in advancing new payment products and technologies to benefit its 21,000 member financial institutions, their cardholders, and the global economy. Visa is the only payment system to facilitate more than $1.4 trillion worth of purchases of goods and services in a fiscal year. Visa's more than 850 million cards are accepted at over 17 million worldwide locations, including more than 500,000 ATMs in the Visa/PLUS Global ATM Network. Visa's Internet address is http://www.visa.com.
CyberSource is a leading developer and provider of e-commerce transaction services, and a pioneer in the area of Internet fraud detection. More than 600 Internet merchants in more than 26 countries have chosen to use CyberSource services. CyberSource provides mission-critical reliability with the CyberSource Internet Commerce Suite, offering merchant-controlled, real-time services including - Payment Services, Tax Services, Risk Management Services, Distribution Control Services, and Fulfillment Management Services. Customers of CyberSource include leading Internet merchants and business selling on-line including Beyond.com, BUY.COM, Casio, Compaq Computer, Egghead.com, Nike.com, Remedy and Shopping.com.