Service Objects rolls out ecommerce fraud protection API

Monday 31 March 2014 10:31 CET | News

Service Objects, a provider of contact validation services, has rolled out a new solution aimed at fighting ecommerce fraud.

The newly introduced solution, dubbed DOTS Order Validation, is a fraud protection API that verifies, standardizes and authenticates customer order information.

Data that is reviewed and compared includes shipping and billing addresses, Bank Identification Numbers (BIN), phone numbers, email addresses, geolocation and IP addresses. After a verification process, a 0-100 quality score is assigned, flagging the transaction as Pass, Review or Fail. With this knowledge, retailers can choose to stop fulfilment, call the shopper for additional information or proceed with the order.

DOTS Order Validation normalizes and cross validates data the moment the customer hits submit order and compares it against multiple databases within the Service Objects master database to determine the validity and authenticity of the incoming transaction.

Additional features include:
• Ensures shipping and billing address outputs are validated, standardized and corrected to USPS mailing address;
• Flags irregularities in IP address and customer provided addresses;
• Validates billing and shipping phone numbers, email addresses and contact names
• Provides flags when the credit card is from a country of high risk

According to the Association of Certified Fraud Examiners (ACFE), organizations around the world lose an estimated 5% of their annual revenues to fraud. By putting the right checks and balances into place, retailers can proactively avoid fraudulent online transactions while simultaneously ensuring valid customers receive the highest quality of service.

The ACFE further reveals in the 2012 Report to the Nations on Occupational Fraud & Abuse that organizations have faced a potential total fraud loss of more than USD 3.5 trillion worldwide.

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Keywords: Service Objects, ecommerce, fraud prevention, online fraud
Categories: Fraud & Financial Crime
Countries: World
This article is part of category

Fraud & Financial Crime

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