TrustInsights TrustScore provides an approach to recognising and transacting with online customers, even if they have never been seen by a particular merchant before. Several banks, online merchants and credit card associations are participating in the launch of the TrustInsight Network.
With TrustInsight, every online consumer transaction will carry a TrustScore generated from encrypted data contributed by TrustInsight Network participants. This crowd-sourced TrustScore functions as the standard for e-commerce CNP trust. TrustInsight allows merchants to process the more than 70 percent of online orders that come from first time customers.
Up to 17 percent of CNP transactions are declined every day, amounting to more than USD 3 billion annually. In many cases, these declines are unwarranted and only occur due to lack of information about the customer. The result is that merchants lose sales, card issuers and banks lose transaction fees and loyal customers miss out on the goods and services they desire.
41st Parameter provides companies with software, dubbed FraudNet, for detecting and preventing fraud across a number of industries, including finance, e-commerce, and travel. The company aims to protect against cybercrime threats including card not present fraud, new account origination fraud, phishing and account compromise, credit bust outs, and fraud ring attacks.
