Chase Paymentech, a merchant acquirer and payment processor, has launched Safetech Fraud Tools in Europe to help protect merchants from online payment fraud. Available to Chase Paymentech Europe customer-not-present (CNP) retail customers, Safetech Fraud Tools are designed to help online retailers retain legitimate sales while preventing fraudulent transactions.
According to research recently conducted by Chase Paymentech, 62% of mid-sized and large companies that handle customer-not-present (CNP) payments lost money through fraudulent transactions during the past 12 months, costing each company an average of £1.2m. Despite the scale of online fraud however, only 12% of companies use a dedicated fraud management system to protect themselves and most companies surveyed still carry out manual checks on possible fraud activity.
“The greater the volume of sales you handle when your customer is not present at the point-of-sale, the greater you may be exposed to fraud. As your online business grows so will your appeal to fraudsters,” said Shane Fitzpatrick, managing director at Chase Paymentech Europe. “There is no magic solution to safeguard online merchants against the risk of fraud. Rather, merchants must develop an attitude towards risk and fraud based on their own business model and appetite towards risk. Merchants should seek expert advice to decide what tools are required to best mitigate their risk exposure. Safetech Fraud Tools provides merchants with innovative technology to help merchants fight the battle against on-line fraud.”
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