As shopping moves online and chip-and-PIN technology is being created to make card-present fraud schemes less successful, card-not-present fraud has not seen a slowdown.
SecureBuy and FICO have partnered to develop a solution that protects merchant customers from potential card-not-present fraud.
The solution uses cloud-based analytics from FICO that score transactions for fraud risk, technology that is currently used in FICO Falcon Fraud Manager.
The new product will be hosted within SecureBuy datacenters and offered to credit and debit issuing 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," says Greg Wooten, CEO of SecureBuy, in a March 4 press release. "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."