Jul 9, 2004 : LexisNexis Offers RiskWise
📅 - In an effort to battle rampant online credit card fraud, LexisNexis(lexisnexis.com) is offering RiskWise to help electronic businesses reduce fraud, increase sales with greater accuracy of online customer verification and decrease the orders normally reviewed by customer service groups.
"RiskWise can help online retailers increase profits by catching fraudulent transactions," says Jim Peck senior vice president and chief operating officer of LexisNexis, "as well as reducing the number of false positives that result from simple business rules that block both good and bad orders from entering the processing system."
Online retailers mistakenly turn away good legitimate consumers and transactions when their identity cannot effectively be verified. The Gartner research firm reported that such errors cost online retailers $315 million last holiday shopping season, compared to the $160 million in fraud losses.
LexisNexis fraud prevention tools process internal customer data, public records and other proprietary information and determine the likelihood of fraud for an account. The product then records a fraud likelihood score thatallows online businesses to create policies around the scores to ensure a consistent response.
Additionally, the RiskWise product will determine specific attributes of the order that might be false as well as providing 'due diligence' data based onthe extensive searching of public record data sources. The screening process enables the tools to help reduce operating costs.
"RiskWise can help online retailers increase profits by catching fraudulent transactions," says Jim Peck senior vice president and chief operating officer of LexisNexis, "as well as reducing the number of false positives that result from simple business rules that block both good and bad orders from entering the processing system."
Online retailers mistakenly turn away good legitimate consumers and transactions when their identity cannot effectively be verified. The Gartner research firm reported that such errors cost online retailers $315 million last holiday shopping season, compared to the $160 million in fraud losses.
LexisNexis fraud prevention tools process internal customer data, public records and other proprietary information and determine the likelihood of fraud for an account. The product then records a fraud likelihood score thatallows online businesses to create policies around the scores to ensure a consistent response.
Additionally, the RiskWise product will determine specific attributes of the order that might be false as well as providing 'due diligence' data based onthe extensive searching of public record data sources. The screening process enables the tools to help reduce operating costs.
Reads: 1976 | Category: General | Source: TheWHIR : Web Host Industry Reviews
URL source: http://www.thewhir.com/marketwatch/lex070904.cfm
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