Recurly, the enterprise-grade subscription management platform, announced Tuesday (Nov. 1) Recurly Fraud Management, which provides automated tools to protect revenue by minimizing chargebacks, prevent eCommerce fraud and deter the creation of unauthorized accounts. These threats, if left unchecked, decrease revenue and profits, increase operating costs and impact customer trust.
In a press release, Recurly said credit card fraud in eCommerce channels continues to be a source of concern for subscription businesses. According to the 2016 Identity Fraud Study authored by Javelin Strategy and Research, new account fraud, or the creation of unauthorized accounts, more than doubled, increasing by 113 percent and representing 20 percent of all fraud losses. Unauthorized accounts not only lead to lost revenue and costly chargebacks but can also negatively impact processing relationships with card issuers, gateways and merchant banks.
Unlike competitive subscription management offerings, Recurly’s integrated fraud management capabilities reduce the complexity of combating fraud with "set-and-forget" configuration options and customized rules. Powered by Kount, the fraud prevention platform, Recurly Fraud Management improves fraud screening and eliminates the cost of manual reviews, lowering fraud losses and minimizing chargebacks. In addition, device fingerprinting, which identifies a transaction's originating device in real time, dramatically improves businesses’ ability to catch and stop fraud.
“Recurly is committed to streamlining subscription management so our customers can establish lasting customer relationships and grow their businesses,” said Dan Burkhart, chief executive officer of Recurly, in the press release. "Providing an integrated fraud management solution helps our customers safeguard revenue, preserve their banking relationships and reduce costs, so they can focus on delighting their customers.”