05 March 2014
Global payment fraud-prevention and security technology company SecureBuy on March 4 announced the creation of a frictionless payment-fraud solution for mobile and online card-not-present payment processing.
FICO, a predictive analytics and decision-management company, is powering the technology, according to the companies’ announcement.
This new SecureBuy solution includes analytics-based fraud-detection technology originally developed by FICO for credit and debit card issuing banks. It will be hosted within SecureBuy data centers and offered to acquiring banks, ISOs and enterprise merchants.
“The rules of mobile and online commerce are changing rapidly, with over 100 million stolen credit and debit cards and user profiles being pumped into the payment ecosystem in just the last few months,” Greg Wooten, CEO of SecureBuy, said in a statement. “There is no room for error. Every transaction needs to be assessed for risk, even if it is tied to a customer with a previously clean purchase history.”