Managing Editor, www.smallbusinesscomputing.com
Multi-currency payment processor WorldPay announced the launch of WorldAlert, a new e-commerce product that promises to take the burden of managing fraud protection away from the retailer.
The launch comes in the wake of research from Experian that indicates that over 97% of online retailers have been hit by online fraud over the last year, yet almost 30% of them still rely on manual methods of fraud detection, indicating that they prefer not to use currently available third-party anti-fraud systems.
According to the company, WorldAlert acts as an individual 'store detective' overseeing each transaction, protecting both online retailers and shoppers by detecting patterns of fraudulent buying behavior and automatically alerting the retailer to the level of risk involved. The retailer can then decide whether to accept or decline the transaction.
WorldAlert includes the following features:
-- Non-third-party system - WorldAlert was developed by WorldPay in-house, expressly to address the needs of WorldPay customers. No further integration is necessary;
-- "Hands-off" operation - The retailer does not have to calibrate the system. Instead, WorldPay has a team of risk specialists constantly monitoring feedback from every transaction and fine-tuning WorldAlert's parameters as required;
-- International scope - WorldPay uses global transaction data, not just US - specific data. This enables it to function globally, screening every transaction against fraud;
-- Real-time, multi-card analysis - WorldAlert analyzes multiple card types in real time, offering across-the-board payment screening.
"We have long foreseen that the third-party anti-fraud technologies currently available were simply too complex and required too much intervention by the retailer," said Nick Ogden, CEO of WorldPay. "The figures from Experian bear this out; retailers actually see manual checks as less onerous and more effective than third-party anti-fraud technology. WorldPay looks after the fine-tuning of the system, and the retailers simply reap the benefits, without any need for their repeated intervention."