New Software for Online Merchants Blocks Stolen Credit Card Numbers, Prevents Chargebacks
Chargeback Experts and Route 72 Systems team up to offer advanced software; “it´s like fire insurance.”
New York, NY (PRWEB) July 18, 2012
You receive an order for $2,000, and ship the merchandise. Nothing seems out of the ordinary.
Then the credit card chargeback hits. Your processor debits your account for the full amount. The credit card number was stolen. You’re out $2,000.
The following week, it happens again. Could your business withstand such a scenario?
A new software system from Chargeback Experts (http://chargebackexperts.com) and Route 72 Systems blocks stolen card numbers, thereby protecting merchants from devastating financial losses as well as the possibility of losing their merchant accounts.
The software, called Anodyne, identifies and blocks suspicious online orders. In addition, it allows merchants to review their transactions in real time and manually decline those flagged as risky.
Stolen credit card numbers are the leading cause of unwinnable chargebacks for merchants. Merchants often believe that an authorization code or address match protects them from fraud disputes — and find out the hard way that this is not the case. Data breaches such as the recent one at Global Payments, one of the nation´s largest merchant processors, continually put card numbers into the hands of fraudsters, making online merchants increasingly vulnerable.
“One unsuspecting merchant recently lost $30,000 after innocently taking orders placed with stolen numbers,” says Route 72′s Jim Alamia, an expert programmer in the area of fraud protection. “Our software would have blocked those orders and spared them such a devastating loss.”
Merchants also bear the risk of losing their processing accounts, or even being placed on the terminated match list, meaning they are unlikely to get approval for another merchant account.
Furthermore, upon seeing one or more fraud chargebacks, a merchant´s processor is liable to take a sizeable cash reserve, making the merchant bear an additional financial burden.
Anodyne’s custom programming can interface with any gateway, including Authorize.net. It uses a proprietary rules engine and fraud scoring system to eliminate chargebacks that result from online credit card fraud.
“Fraud protection is similar to fire insurance,” says Alamia. “You might never have a fire. But without insurance, one big blaze can put you out of business.”
For the original version on PRWeb visit: http://www.prweb.com/releases/prwebfraud/protection/prweb9707464.htm