Ogone, an international online payment services company, announced the new upgrade of its online fraud protection package that aims to improve security, and also includes a new product called Ogone Fraud Expert, reported Finextra. Merchants can use Ogone’s package to imporve security measures and avoid online fraud.
Ogone hopes that by decreasing the chances of fraud, merchants will be able to increase online payment revenues. This package was designed to help merchants decrease costs by mitigating the number of rejected admissible transactions, as well as the costs of conducting automatic and manual checks.
Due to a rise in online fraud, merchants have been forced to implement stricter blocking regulations, which caused for a high number of rejected transactions that turned out to be legitimate.
Filip Gossele, Ogone’s product director, said, “All in all, most of our clients’ fraud prevention costs have increased, which means that their margins have been correspondingly hit. Ogone Fraud Expert has been developed in order to provide an answer to these issues by combining precise configuration of historical risk analysis assistance tools, new fraudster identification tools and the outsourcing of the checks to Ogone’s fraud consultants.”