New Tool Helps Protect Online Merchants From Fraud
Volusion, a provider of online shopping cart software for businesses recently introduced its newest credit card fraud protection service, Fraud Score.
Volusion spoke with WebProNews about Fraud Score and how it works to protect online merchants of any size from fraudulent transactions.
When an order is placed customer information is cross-checked in real-time with a large database of thousands of online merchants and more than 100 million transactions. Fraud Score screens more than 15 fields which include: proxy detection and risk assessment, IP address, bank identification and address verification. After these criteria are checked, an overall risk score is generated to determine the legitimacy of the order.
There are three levels of risk, minimal, moderate and high. The Fraud Score scale ranges from 0 to 300 with 0 being the highest level of risk and 300 being the lowest level of risk.
"As a former online store owner I can attest to the importance of Fraud Score," said Volusion CMO and COO Clay Olivier.
"I got defrauded out of $900 once and lost all my merchandize on a single order. It was a painful experience and I felt helpless since I wasn’t able to verify the order beyond the basics. Fraud Score will greatly reduce the risk of our merchant customers falling prey to the same scams."
Fraud Score works with both Google Checkout and PayPal as well as with other payment services.
Unfortunately, fraud remains a concern for all online merchants, but being able to prevent it from happening is key to running a successful ecommerce business.