CrediView Unveils First Guaranteed E-Commerce Fraud Prevention Solution.

Business Editors/High-Tech Writers

MENLO PARK, Calif.--(BUSINESS WIRE)--Oct. 4, 2000

CrediView:

Revolutionary Service Lets E-Merchants

Focus on Core Business, Saves Millions in Fraud Losses While

Maintaining Customer Service and Privacy

CrediView, a provider of real-time e-commerce fraud prevention solutions, announced the introduction of its flagship product, eCredible, the most comprehensive and accurate e-commerce transaction fraud prevention solution available.

eCredible is the first online anti-fraud solution to provide e-merchants with a 100 percent guarantee against chargebacks. eCredible helps e-merchants save millions of dollars annually in fraudulent transaction losses while protecting the privacy of their customers and shielding them from potential security breaches.

"We're now putting our money where our mouth is to become the first and only anti-fraud solutions provider to back our technology with a 100 percent guarantee against chargebacks," said Dr. Ron Rymon, founder and president/CEO of CrediView. "This is unprecedented in the e-commerce services industry and, we believe, it's the only way to let e-merchants run their core business without worrying about the risks of conducting business in the global Internet marketplace."

Designed exclusively for e-merchants and the specific requirements of e-commerce transactions, CrediView offers two distinct fraud prevention solutions depending on an e-merchant's risk tolerance -- a "guaranteed" service and a "risk assessment" service. With CrediView's eCredible Guaranteed service, an e-merchant pays a negotiated per transaction fee depending on the merchant's volume and history. On a monthly basis, CrediView reimburses e-merchants for any chargebacks arising from fraudulent transactions that were authorized using the eCredible Guaranteed service. The eCredible Guard service is provided on a per transaction or fixed monthly fee, providing the merchant with a calculated risk score but without a guarantee. The merchant then has to decide whether or not to accept or reject the transaction based on its own risk tolerance. In independent tests, the eCredible Guard service has demonstrated an industry-leading fraud detection accuracy rate reaching 90 percent.

Maintaining Customer Privacy

A guiding criteria in the development of both CrediView services was not only protecting the e-merchant from transaction fraud, but also assuring the privacy and security of consumers making on-line purchases on CrediView protected sites. CrediView's eCredible patterns transactions, not people, and does not rely on personal histories and account information to precisely pinpoint fraud. CrediView does not maintain consumer databases nor permanently records any sensitive financial transaction data provided by its merchants that could be accessed by hackers. Instead, eCredible utilizes CrediView's proprietary "transaction patterning technology" to analyze online transaction patterns consistent with fraud, rather than a purchaser's personal information from credit card databases, to accurately determine fraud risk without sacrificing customer privacy. As a result, consumers can shop on-line knowing that their credit card transaction history is not being accessed or evaluated by CrediView or the e-merchant and that their privacy is being protected.

"Transaction fraud is up to 25 times higher on the Internet than it is in traditional retail selling environments and is costing e-merchants millions of dollars in lost profits and in lost customers who are wrongly judged as at-risk purchasers and denied service," said Rymon. "CrediView is supplying e-merchants with the ammunition to precisely and easily detect online fraud while minimizing the exclusion of valid customers, all while maintaining customer privacy and profitability. It allows both e-merchants and e-buyers to do business over the Internet and have `peace of mind' knowing that both their interests are protected."

Technology Behind the Solution

CrediView's eCredible is a service that is easily integrated to and seamlessly compatible with all e-commerce software platforms and payment services. To accurately identify transaction fraud risk, CrediView uses a hybrid of three advanced risk modeling technologies, including neural networks, logistic regression models and its own proprietary SE technology. The system instantly evaluates more than 350 parameters using merchant-provided transaction data and CrediView's own fraud patterns database to calculate a risk score as well as explanations that a merchant can use to gauge the level of risk for each transaction.

Unlike other anti-fraud technologies, CrediView's eCredible solution can accurately detect fraudulent transactions in virtually any form of electronic payment, including, but not limited to, credit cards, e-checks, debit cards, smart cards, digicash and ACH (automated clearing houses). Moreover, eCredible is unique in that it offers more than just a risk score to e-merchants. The eCredible Fraud Manager Station allows a merchant's fraud managers to devise specialized authorization policies and facilitate the routing of suspect transactions to its customer service representatives. This, and all investigation activities, can be done by the merchant's staff from anywhere using a simple browser. Finally, CrediView's eCredible is highly adaptable to the special situations present in specific "high risk" industries and e-commerce product categories.

Provides a Safety Net for E-Merchants

eCredible can benefit virtually any merchant that sells products or services over the Internet and accepts electronic payment. It maximizes profitability for e-merchants through high fraud detection accuracy, reduced manual intervention and by eliminating service denials to legitimate customers. It is particularly attractive to those companies with a high volume of daily transactions, e-merchants that sell high-priced items like computers, electronics, jewelry and travel, as well as to those operating in high-fraud digital content industries. The eCredible service has also become a magnet for merchants desiring to conduct international e-commerce without suffering from the high fraud risk associated with doing business in some foreign countries.

CrediView's eCredible service is now available to e-merchants in a variety of standard and customized packages, including per transaction and fixed fee pricing.

Founded in 1999, CrediView is a privately held, global company that specializes in real-time e-commerce fraud prevention solutions. The company is headquartered in Menlo Park, Calif., with an office in New Jersey and research and development facilities in Tel Aviv, Israel. Additional information on CrediView and its online fraud prevention services is located on the World Wide Web at www.crediview.com.