New Platform Promises to Break Chain of Mobile, eCommerce Payment Fraud
RIDGELAND, MISS. (December 20, 2012) – SignatureLink, Inc. announces the release of what it calls the most significant technology breakthrough in payment fraud prevention in the last 15 years: SecureBuy™ 2.0.
SecureBuy 2.0 is an automated risk-based payment fraud prevention application designed specifically for mobile and eCommerce merchants. SecureBuy 2.0 addresses all types of payment fraud with no human intervention required whatsoever. The key to its effectiveness is several patented and patent-pending technologies provided by SignatureLink and Visa.
“Mobile and online merchants in recent years have become accustomed to spending 45 percent of their annual fraud prevention budgets on as many as eight applications and the other 55 percent on human capital in the form of fraud analysts,” states Greg Wooten (pictured), CEO, SignatureLink, Inc., an expert on eCommerce fraud and Cybershoplifting™. “This approach has resulted in less than desirable results, with the cost of prevention amounting to more than the payment fraud itself.
“SecureBuy 2.0 removes the need for all of this infrastructure and associated expenses,” Wooten continues. “It automates the process end-to-end in real time to streamline the payment channel and provide merchants a higher level of protection than any available solution in the payment industry. Visa and MasterCard have been advocating risk-based authentication for years, and this landmark technology is finally available.”
Since its founding in 2002 as the ecommerce stabilizer, SignatureLink’s goal has been to produce an application that would be seamless to consumers and create a fast lane for normal and low-risk transactions and a risk-based authentication (RBA) lane for transactions with elevated risk levels. The end result is the most efficient solution in the industry that offers interchange rate advantages and shifts the risk of authenticated transactions from the merchant to the issuing bank. In addition, SecureBuy 2.0 functions as a hybrid application bridging the gap between current issuing bank authentication technology and Visa’s new Consumer Authentication Service as it comes online with issuing banks.
Certification applications for SecureBuy 2.0 have been submitted to Visa, MasterCard, American Express and Diners Club International with final approval for all card brands digressing to Visa’s final application certification.
About SignatureLink, Inc.
SignatureLink’s biometric signature capture technology, SecureBuy, has been widely adopted by the mobile payment space to reduce fraud. To date, SecureBuy is the only solution meeting the complete fraud prevention needs of mobile and online retailers seeking to lower the cost of payment acceptance and increase profits. Using proprietary, patented technology, SecureBuy addresses 100 percent of online payment fraud, including Cybershoplifting. The end-to-end SecureBuy suite includes world-class fraud screening, a legally binding virtual signature pad, a forensic record of each transaction, an industry-leading chargeback management system, and more. The SecureBuy all-in-one eCommerce fraud solution integrates easily into any shopping cart and costs merchants just pennies per transaction. Visit http://www.signaturelink.com for more information.
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