Feedzai apps to offer fraud protection
Feedzai is adding fraud protection apps to their services; the data hub has launched apps on both Shopify and Big Commerce. The apps offer retailers real time information for orders which should help identify fraudulent purchases; the apps also flag suspected fraudulent orders so that retailers can take a deeper look into the transactions.
“Fraud is crossing channels where data breached from stores is then used to exploit ecommerce channels and vice versa,” said Nuno Sebastiao, chief executive officer of Feedzai. “We see that 68 percent of cross-channel fraud starts online before migrating in-store, so we want to give all ecommerce retailers access to the tools necessary to help them protect their business. The growth of ecommerce fraud is disrupting the status quo for everyone, on or offline.”
The National Retail Federation is also tracking retail fraud; recently the NRF, along with other retail groups, asked the credit card industry to use ‘token technology’ rather than credit card numbers. These tokens, say NRF experts, would replace credit card numbers and other personal data, protecting it from hackers. Tokens would be used to encrypt name and account numbers as well as expiration dates; the tokens would authorize transactions and, according to experts, be useless to thieves.
“Improving security and consumer confidence in the U.S. payments system is a top priority for the merchant community,” the groups said in a joint statement outlining the proposal. “We call upon all stakeholders in the payments industry to come together to ensure open and efficient standards to protect U.S. consumers and businesses.”