ClearCommerce Increases Fraud Prevention Offerings, Expands Support for Visa and MasterCard Programs.Business Editors/High-Tech Writers AUSTIN, Texas--(BUSINESS WIRE)--Sept. 16, 2003 Enhances Protection of Online Merchants' Revenue and Profits From Fraud Attacks ClearCommerce Corporation, the leading provider of fraud detection and payment processing software for online retail, today announced the availability of increased fraud prevention capabilities for online retailers. The new ClearCommerce Engine 5.3 protects online revenue from fraud with expanded support for Visa and MasterCard Payer Authentication programs, Card Verification Methods, Automated Clearing House See ACH. (ACH) payments and fraud detection for ACH transactions. "Online retail has clearly become a mainstream sales channel and will nearly double in the next five years," said Robert J. Lynch, president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of ClearCommerce. "To fully capitalize on Cap´i`tal`ize on` v. t. 1. To turn (an opportunity) to one's advantage; to take advantage of (a situation); to profit from; as, to capitalize on an opponent's mistakes s>. this trend, businesses selling online must protect their revenue and profits from the growth in fraud attacks, including the skyrocketing problem of identity theft, and offer their customers expanded choice in payment options." More than half of all online sales are generated outside of North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. . This most recent update to the company's fraud detection and payment processing software offers multi-region support for the leading Payer Authentication programs, Verified by Visa Verified by Visa is a system used by Visa as an added layer of security for online credit and debit cards transactions. A similar system is used by MasterCard under the name SecureCode (which is completely separate from verified by Visa, although it uses the same protocol). and MasterCard SecureCode. Introduced by Visa and MasterCard to provide an added level of security to cardholders, and liability protection to merchants, payer authentication is a valuable component of a comprehensive fraud detection program. ClearCommerce solutions are now certified with an expanded number of U.S. and U.K. payment processors to support merchant liability protection on authenticated and attempted transactions. ClearCommerce Engine 5.3 also adds to its extensive list of supported payment methods with a new ACH interface. In addition, to address the threat of fraud that will accompany non-card payments, ClearCommerce enables ACH fraud detection. Merchants using FraudShield(tm), the flexible rules engine component of ClearCommerce Risk Management, can screen ACH transactions for order attributes that are indicative of fraud, for example IP address location, differences between billing and shipping address, order quantity and transaction amount. Merchants accepting ACH transactions also can leverage the extensive support for velocity checks available in FraudShield to detect suspicious patterns of activity across multiple transactions. With its ClearCommerce Engine 5.3, the company has enhanced support for Card Verification Method (CVM), another fraud detection tool offered by the card associations. Card Verification Method is a 3- or 4-digit numeric code all card companies print on credit cards, that cannot be copied from receipts or skimmed from the magnetic band, and ensures the online customer is in possession of the card. ClearCommerce customers processing through leading U.S. payment processors can now use Discover CID Cid or Cid Campeador (sĭd, Span. thēth kämpāäthōr`) [Span.,=lord conqueror], d. 1099, Spanish soldier and national hero, whose real name was Rodrigo (or Ruy) Díaz de Vivar. , in addition to Visa CVV See CSC. 2, MasterCard CVC See CSC. 2 and American Express American Express (NYSE: AXP), sometimes known as "AmEx" or "Amex", is a diversified global financial services company, headquartered in New York City. The company is best known for its credit card, charge card and traveler's cheque businesses. CID, for fraud detection. About ClearCommerce ClearCommerce is the leading provider of e-commerce fraud detection and payment processing software that enables merchants and service providers to safeguard and automate online financial transaction processing Updating the appropriate database records as soon as a transaction (order, payment, etc.) is entered into the computer. It may also imply that confirmations are sent at the same time. Transaction processing systems are the backbone of an organization because they update constantly. . ClearCommerce software is used by 60,000 businesses worldwide, including customers such as Apple Computer, Barclay's, Best Buy, PetsMart and Staples. ClearCommerce solutions feature patent-pending risk management technology as well as real-time payment processing. For more information, visit www.clearcommerce.com. |
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