ID Analytics Enhances Customer Experience with New Fraud Detection Solutions for Online Retailers
March 18, 2014
LAS VEGAS – MRC Annual eCommerce Payments & Risk Conference, Booth #1039 – ID Analytics®, Inc., a leader in consumer risk management, today announced new versions of its Transaction Protector™ and Transaction Advanced Intelligence™ products for the eCommerce market. Transaction Protector 2.0 delivers unique and powerful insight into identity risk by incorporating a powerful transaction fraud score and visibility into device risk to help online retailers more effectively convert consumers. Transaction Advanced Intelligence 2.0 includes a set of more than 175 behavioral attributes that deliver a unique, intuitive and comprehensive view into the fraud risk of a transaction. These advanced fraud detection solutions provide merchants with a way to overcome the challenges associated with card not present (CNP) fraud, which continues to be a problem in the wake of the recent well-publicized retail data breaches and is likely to increase as Europay, MasterCard and Visa (EMV) card technology is being phased into the U.S.
Transaction Protector 2.0 evaluates the information consumers typically provide to online retailers, such as billing and shipping address, phone number and email, to determine whether a transaction can be automatically cleared for checkout or if it needs further screening for potential fraud. To determine device risk, ID Analytics has partnered with leading device authentication providers to enable cutting-edge risk assessments on billions of devices for hundreds-of-millions of credit-active U.S. consumers.
With Transaction Protector 2.0, retailers can review or cancel the few truly risky transactions identified by the score, while allowing the vast majority of transactions to proceed towards checkout. By evaluating both the identity and the device behind a transaction, Transaction Protector is able to deliver a comprehensive perspective on transaction risk that allows online merchants to maximize sales conversion by reducing false positives generated by other fraud models, without increasing fraudulent chargebacks.
Transaction Advanced Intelligence 2.0 includes a set of attributes that provides online retailers with specific answers to crucial identity-related questions, including confirmed fraudulent behavior, demographics/mode of living, online profile, online shopping, pattern, relationship, velocity and validation. This critical information enables online retailers to develop more effective rules-based strategies that enhance custom models and improve the accuracy and efficiency of manual reviews. Both solutions harness the power of the ID Network®, one of the nation’s largest networks of cross-industry online and offline consumer behavior data, to generate a greater level of insight into eCommerce transactions to improve conversion.
“Merchants are under attack by sophisticated cybercriminals, and the pace and sophistication will only increase as the U.S. migrates to EMV. In the face of these challenges, it’s more important than ever for online retailers to be able to detect fraudulent transactions and at the same time improve conversion in new ways,” said Julie Conroy, research director at Aite Group. “ID Analytics’ transaction solutions tap into the power of the ID Network, whose cross-industry, consortium-based intelligence provides insight into consumer behavior to help merchants improve their ability to isolate fraudulent transactions, while improving the customer experience for the vast majority of customers who are good.”
“In order to more effectively fight fraud, online retailers must take an identity-based approach and look for advanced methods to evaluate transaction risk and improve conversion beyond the use of legacy rules-based tools,” said Aaron Kline, director of eCommerce, ID Analytics. “These new solutions provide online retailers with unprecedented granular insight into identity and device so they can make better decisions about transaction risk to enhance the bottom line.”
About ID Analytics, Inc.
ID Analytics is a leader in consumer risk management with patented analytics, proven expertise, and real-time insight into consumer behavior. By combining proprietary data from the ID Network®— one of the nation’s largest networks of cross-industry consumer behavioral data—with advanced science, ID Analytics provides in-depth visibility into identity risk and creditworthiness. Every day, many of the largest U.S. companies and critical government agencies rely on ID Analytics to make risk-based decisions that enhance revenue, reduce fraud, drive cost savings, and protect consumers. ID Analytics is a wholly-owned subsidiary of LifeLock, Inc. Please visit us at www.idanalytics.com.
ID Analytics and ID Network are registered trademarks of ID Analytics, Inc.