Consumers and merchants today are turning to the online world in greater numbers to buy and sell goods. The internet provides the marketplace for merchants to reach more people, but also provides more opportunities for criminals to attempt fraud. Companies are continually looking for the means to combat deceptive orders, and fraud prevention company Accertify is making online businesses safer and more cost efficient, bringing the first end to end solution for fighting against what is called card not present (CNP) fraud.
With the company’s program Interceptas, merchants are able to use one solution to simplify the process from reviewing suspicious orders to protecting against false positives.
Mike Long, Accertify’s Chief Marketing Officer, will be speaking at Ticket Summit 2008 about how online fraud affects online ticketing market. Ticket Summit is scheduled for July 23-25 at the Venetian Resort-Hotel-Casino and is hosted by TicketNetwork, the parent company of TicketNews.
Before becoming the CMO of Accertify, Long directed the fraud prevention department at Orbitz.com. The responsibility to cut down on the online travel site’s fraudulent orders proved to be a tough task.
“My fraud analysts were required to work eight to 12 different applications at one time,” Long said about the process to review an order during his time at Orbitz. “It would take 20 minutes to make a decision [on an order]; in that time there would be 200 more queued up for review. It was a losing battle.”
After an unsuccessful attempt to find a tool to make it easier to prevent fraud for the online travel website, management met and created its own solution. According to Long, the program was a great success, as they saw loses drop from hundreds of thousands of dollars a month, to thousands of dollars a month.
Accertify’s main program, Interceptas, allows merchants to cut down on what Long described as the ‘Total Cost of Fraud’. The potential loses a merchant can face expands to multiple fronts. Interceptas helps to reduce the amount of charge backs (or when a credit card company reverses a charge), the amount of resources needed to combat the problem, the number of tools needed to check crucial information, and lost revenues from erroneously rejecting legitimate orders that appear fraudulent.
“We put a better tool in your hands,” Long said about the advantages of using Accertify. “We can drive down your total fraud costs.”
Since the Interceptas application was built of feedback and insight provided by merchants, Accertify has prided itself on delivering the first solution to combat the entire problem. Starting out as part of an online merchant themselves, the company understands the problems faced everyday and are continually working to improve through feedback from others.