Payment gateway firm AsiaPay has announced the launch of ePayAlert, an online fraud prevention service and solution suite for protecting banks, payment service providers, airlines, hotels, and merchants from the risks associated with card-not-present transactions.
The customizable solution processes and checks online payment transactions with real-time fraud reporting and alert support.
Fraudulent credit card transactions have become a significant source of income loss to online businesses and with online spending on the rise, fraudulent activity is likely to continue to increase.
Fraud losses not only affect the bottom line but also affect the future revenue of online businesses. The threat puts added pressure on companies to leverage a fraud review process that is fast, precise, and keeps operating expenses in check.
“We’re introducing a comprehensive online fraud solution and service which provides risk managers and analysts the ability to customize their own risk parameters, extend risk alerts via email or SMS, and download detailed reports and statistics with additional in-depth analysis thereby, allowing them to focus their attention on fraudulent transactions while fast-tracking valid orders through fulfillment,” said Joseph Chan, CEO of AsiaPay.
ePayAlert is being offered either as an online service, white-labeled hosted service, or as a total solution license model.
The key features are:
• Data Format Checking — assesses customer information gathered against pre-determined rules
• Blacklist Control — verifies payment information against a comprehensive blacklist database and maintains these blacklisted data items
• Geographical Checking — cross-examines different geographical data identified in the transaction
• Velocity Checking — cross-examines velocity of the related data item in the transaction
• Transaction Limit Checking — validates limit control at bank/merchant level across different time periods
• Historical Negative Record Checking — validates payment transaction against historical payment and negative records
• Risk Scoring — applies real-time scoring of payment transaction with customizable rules and weights
• Real-time Alert — prompts merchants on suspicious payment transactions
• Real-time Reporting Console — enables merchants to access real-time fraud reports anytime
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