SYS-CON MEDIA Authors: Vormetric Blog, Jason Bloomberg, Liz McMillan, Pat Romanski, Elizabeth White

News Feed Item

When Credit Card Validation Isn't Enough: New Solutions To Prevent Fraud in The Online Retail Market

Service Objects' latest product helps to quickly identify fraudulent transactions by authenticating the validity of customer information before the order reaches credit card processing.

SANTA BARBARA, Calif., March 26, 2014 /PRNewswire/ -- In today's world of open proxy networks like Tor, stolen credit cards and elaborate hacking schemes; virtual fraudsters have ample ways to steal from online retailers. The impact is felt globally – according to the Association of Certified Fraud Examiners (ACFE) organizations around the world lose an estimated five percent of their annual revenues to fraud. By putting the right checks and balances into place, retailers can proactively avoid fraudulent online transactions while simultaneously ensuring valid customers receive the highest quality of service.

Logo - http://photos.prnewswire.com/prnh/20140326/CG91013LOGO

A new solution to help fight this battle is DOTS Order Validation. Available now at serviceobjects.com, DOTS Order Validation is a real-time fraud protection API that verifies, standardizes and authenticates customer order information.

Decreasing Fraud in Real-Time

"Enough is enough – smart retailers are leveraging big data to weed out bogus online transactions. We can now compare the location of the shopper's computer with the phone and mailing address to identify fraud," said Geoffrey Grow, CEO of Service Objects. "Although a credit card may be valid, retailers need to examine all the information submitted by shoppers. DOTS Order Validation does exactly this – highlighting any irregularities by reviewing over 200 data points to ensure orders are genuine, accurate and deliverable. All in less than one second."

The ACFE further reveals in the 2012 Report to the Nations on Occupational Fraud & Abuse that organizations have faced a potential total fraud loss of more than $3.5 trillion worldwide. DOTS Order Validation is designed to lower this number by validating key pieces of data in real-time and alerting business to potential harmful transactions.

Data that is reviewed and compared includes shipping and billing addresses, Bank Identification Numbers (BIN), phone numbers, email addresses, geolocation and IP addresses. After a verification process, a 0-100 quality score is assigned, flagging the transaction as "Pass," "Review" or "Fail." With this knowledge, retailers can choose to stop fulfillment, call the shopper for additional information or proceed with the order.

The Service Objects Difference

DOTS Order Validation goes beyond standard contact and customer information verification. This product normalizes and cross validates data the moment the customer hits "submit order" and compares it against multiple discrete databases within the Service Objects master database to determine the validity and authenticity of the incoming transaction.    

Additional benefits and features include:

  • Ensures shipping and billing address outputs are validated, standardized and corrected to USPS mailing address
  • Reduces chargeback fees from credit card processing
  • Flags irregularities in IP address and customer provided addresses
  • Validates billing and shipping phone numbers, email addresses and contact names
  • Provides flags when the credit card is from a country of high risk
  • Allows for improved shipping times to customers when addresses are accurate, in turn, increasing customer satisfaction

For more information about DOTS Order Validation and other Service Objects products, contact [email protected] or connect with us on Twitter @serviceobjects.

About Service Objects

Founded in 2001, Service Objects is the leading provider of real-time contact validation services. Its validation and location web services allow businesses to identify potentially fraudulent transactions, append additional contact information and process transactions in a more efficient manner. The Company works with major brands like American Express, LendingTree and Amazon; and it has validated over 1.8 billion contacts. For a full listing of contact validation products, visit www.serviceobjects.com.

SOURCE Service Objects

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
The industrial software market has treated data with the mentality of “collect everything now, worry about how to use it later.” We now find ourselves buried in data, with the pervasive connectivity of the (Industrial) Internet of Things only piling on more numbers. There’s too much data and not enough information. In his session at @ThingsExpo, Bob Gates, Global Marketing Director, GE’s Intelligent Platforms business, to discuss how realizing the power of IoT, software developers are now focu...
“This win means a great deal to us because it is decided by the readers – the people who understand how use of our technology enables new insights that drive the business,” said Matt Davies, senior director, EMEA marketing, Splunk. “Splunk Enterprise enables organizations to improve service levels, reduce operations costs, mitigate security risks, enhance DevOps collaboration, create new product and service offerings and obtain deeper insight into customer behavior. Being named Best Business App...
Things are being built upon cloud foundations to transform organizations. This CEO Power Panel at 15th Cloud Expo, moderated by Roger Strukhoff, Cloud Expo and @ThingsExpo conference chair, addressed the big issues involving these technologies and, more important, the results they will achieve. Rodney Rogers, chairman and CEO of Virtustream; Brendan O'Brien, co-founder of Aria Systems, Bart Copeland, president and CEO of ActiveState Software; Jim Cowie, chief scientist at Dyn; Dave Wagstaff, VP ...
“DevOps is really about the business. The business is under pressure today, competitively in the marketplace to respond to the expectations of the customer. The business is driving IT and the problem is that IT isn't responding fast enough," explained Mark Levy, Senior Product Marketing Manager at Serena Software, in this SYS-CON.tv interview at DevOps Summit, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Today’s enterprise is being driven by disruptive competitive and human capital requirements to provide enterprise application access through not only desktops, but also mobile devices. To retrofit existing programs across all these devices using traditional programming methods is very costly and time consuming – often prohibitively so. In his session at @ThingsExpo, Jesse Shiah, CEO, President, and Co-Founder of AgilePoint Inc., discussed how you can create applications that run on all mobile ...
The Internet of Things is tied together with a thin strand that is known as time. Coincidentally, at the core of nearly all data analytics is a timestamp. When working with time series data there are a few core principles that everyone should consider, especially across datasets where time is the common boundary. In his session at Internet of @ThingsExpo, Jim Scott, Director of Enterprise Strategy & Architecture at MapR Technologies, discussed single-value, geo-spatial, and log time series dat...
At 15th Cloud Expo, Shrikant Pattathil, Executive Vice President at Harbinger Systems, demos a video delivery platform that helps you do interactive videos. He discusses how Harbinger is accomplishing it in the cloud world, the problems they faced and the choices they made to get around these problems.
In her General Session at 15th Cloud Expo, Anne Plese, Senior Consultant, Cloud Product Marketing, at Verizon Enterprise, focused on finding the right mix of renting vs. buying Oracle capacity to scale to meet business demands, and offer validated Oracle database TCO models for Oracle development and testing environments. Anne Plese is a marketing and technology enthusiast/realist with over 19+ years in high tech. At Verizon Enterprise, she focuses on driving growth for the Verizon Cloud platfo...
Cultural, regulatory, environmental, political and economic (CREPE) conditions over the past decade are creating cross-industry solution spaces that require processes and technologies from both the Internet of Things (IoT), and Data Management and Analytics (DMA). These solution spaces are evolving into Sensor Analytics Ecosystems (SAE) that represent significant new opportunities for organizations of all types. Public Utilities throughout the world, providing electricity, natural gas and water,...
15th Cloud Expo, which took place Nov. 4-6, 2014, at the Santa Clara Convention Center in Santa Clara, CA, expanded the conference content of @ThingsExpo, Big Data Expo, and DevOps Summit to include two developer events. IBM held a Bluemix Developer Playground on November 5 and ElasticBox held a Hackathon on November 6. Both events took place on the expo floor. The Bluemix Developer Playground, for developers of all levels, highlighted the ease of use of Bluemix, its services and functionalit...
The 3rd International Internet of @ThingsExpo, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - announces that its Call for Papers is now open. The Internet of Things (IoT) is the biggest idea since the creation of the Worldwide Web more than 20 years ago.
SYS-CON Media announced that Splunk, a provider of the leading software platform for real-time Operational Intelligence, has launched an ad campaign on Big Data Journal. Splunk software and cloud services enable organizations to search, monitor, analyze and visualize machine-generated big data coming from websites, applications, servers, networks, sensors and mobile devices. The ads focus on delivering ROI - how improved uptime delivered $6M in annual ROI, improving customer operations by minin...
Between the compelling mockups and specs produced by your analysts and designers, and the resulting application built by your developers, there is a gulf where projects fail, costs spiral out of control, and applications fall short of requirements. In his session at DevOps Summit, Charles Kendrick, CTO and Chief Architect at Isomorphic Software, will present a new approach where business and development users collaborate – each using tools appropriate to their goals and expertise – to build mo...
There is no doubt that Big Data is here and getting bigger every day. Building a Big Data infrastructure today is no easy task. There are an enormous number of choices for database engines and technologies. To make things even more challenging, requirements are getting more sophisticated, and the standard paradigm of supporting historical analytics queries is often just one facet of what is needed. As Big Data growth continues, organizations are demanding real-time access to data, allowing immed...
The true value of the Internet of Things (IoT) lies not just in the data, but through the services that protect the data, perform the analysis and present findings in a usable way. With many IoT elements rooted in traditional IT components, Big Data and IoT isn’t just a play for enterprise. In fact, the IoT presents SMBs with the prospect of launching entirely new activities and exploring innovative areas. CompTIA research identifies several areas where IoT is expected to have the greatest impac...