SignatureLink and ThreatMetrix Closing the Gap in Online Payment Fraud
RIDGELAND, Miss., Jan. 17, 2012 /PRNewswire/ — SignatureLink, Inc. announced today that the company has entered into an agreement with ThreatMetrix, Inc. SignatureLink will integrate ThreatMetrix’s Cybercrime Defender Platform with SignatureLink’s online “friendly fraud” technology giving merchants and the entire online payment community the ability to address 100% of online payment fraud.
Online payment fraud solutions address traditional online fraud which equates to anywhere from 70 to 80% of total fraud, depending on the source of the research being reviewed. SignatureLink’s CNPS(TM) online signature pad addresses the 20 to 30% of online friendly fraud that, until now, has been written off as the cost of doing business. “Friendly fraud” occurs when a consumer, without a valid reason, refuses acceptance of the charge for a transaction they performed and reports the false claim to their bank/card issuer requesting a refund or chargeback. Friendly fraud is the fastest-growing segment within online payment fraud.
By integrating their technologies, SignatureLink and ThreatMetrix will produce the industry’s first online payment fraud management solution that addresses 100% of all online payment fraud. SignatureLink’s cloud based CNPS(TM) / TransExam(TM) online payment friendly fraud solution provides merchants the ability to capture an actual human wet signature and purchase agreement online. This technology integrates all the terms and conditions agreed upon into a single time-stamped document, granting the same legal protections afforded to Card Present / Brick & Mortar merchants. Retrievable in seconds, merchants now have the ability to provide one complete transaction document, to combat and succeed against fraudulent chargebacks. Coupled with ThreatMetrix’s cutting-edge multichannel Cybercrime Defender Platform, merchants will now have the ability to fight online payment fraud from all fronts.
First availability of the new hybrid solution will be accessible through a partnership with USDT Corporation in Q1 of 2012. CNPS / TransExam will be directly integrated in the form of an enterprise platform extension and offered to over 100,000 merchants worldwide in order to establish proof of concept and market dominance. CNPS / TransExam will also be made available Q2 through direct and indirect sales channels to card brands, payments processors, acquiring financial institutions, eCommerce platform providers and online merchants.
“In our quest to determine the best technology, we spent an extraordinary amount of time evaluating all available next-generation online payment fraud solution partners. ThreatMetrix is best in class and the industry leader in payment fraud detection. SignatureLink has worked diligently with industry leaders and invested millions of dollars developing a one-of-a-kind payment fraud solution for online merchants. The result is an effective, best-in-class solution that is unparalleled in the industry. We are very proud of what we have been able to accomplish and believe that now is the time to change the landscape of online payment fraud and chargebacks, and we intend on doing just that,” states Greg Wooten, CEO of SignatureLink, Inc.
“We are delighted SignatureLink has recognized ThreatMetrix as the industry leader and elected to integrate our technology within the emerging CNPS / TransExam solution. We feel the CNPS / TransExam / ThreatMetrix solution will be greater than the sum of its parts, setting a new standard in the industry for online payment fraud prevention and management,” states Reed Taussig, President and CEO of ThreatMetrix, Inc.
ThreatMetrix is the fastest-growing provider of integrated cybercrime prevention solutions. The ThreatMetrix(TM) Cybercrime Defender Platform helps companies protect customer data and secure transactions against fraud, malware, data breaches, as well as man-in-the browser (MitB) and Trojan attacks. The Platform consists of advanced cybersecurity technologies, including TrustDefender(TM) ID, which is cloud-based, real-time device identification, as well as malware protection with TrustDefender(TM) Cloud and TrustDefender(TM) Client. The company serves a rapidly growing global customer base across a variety of industries, including financial services, e-commerce, payments, social networks, government, and healthcare. For more information, visit http://www.threatmetrix.com or call 1-408-200-5755.
SignatureLink, Inc. is an industry-leading provider of online payment fraud and chargeback management solutions. SignatureLink, Inc. has enabled companies to accept legally binding electronic signatures online since 2005. Their proprietary, biometric, wet-signature equivalent technology was developed to facilitate the capture of real-time electronic signatures over the Internet for a variety of applications such as Online Point of Sale Transactions, Electronic Agreements, Mobile Devices, and Remote Authorizations. SignatureLink, Inc. provides services to a myriad of industries – including E-Commerce, Banking, Legal and Transportation. Utilizing human factors engineering, USDT and SignatureLink have designed the CNPS online signature pad and TransExam chargeback management system to reduce and manage friendly fraud for the payment processing industry. For more information, visit http://www.signaturelink.com or call 1-800-982-7780.
SOURCE SignatureLink, Inc.