Fraud Suite, a new software package from Ontario-based Caledon Card Services, promises to help merchants reduce online credit card fraud. A new component in the company's credit card processing and authorization services, Fraud Suite enables business owners to match card names, addresses, and phone numbers. Mismatched data is a flag for fraudulent transactions.

A recent study by the Boston Consulting Group (BCG) estimates that online retailing is expected to reach $65 billion (USD) this year. An increase in sales will also lead to an increase in credit card fraud, says Caledon Card Services, who also report that some online business owners report that credit card fraud has accounted for more than 60 per cent of their orders. Unlike traditional retailers online merchants must pay the cost of credit card fraud.

"According to Visa International, 65% of fraudulent users of credit cards are unaware of the cardholder's address. The Card Holder Verification service compares the credit card number and address that the consumer provides with the cardholder's Canadian credit information in a matter of seconds," says Don Dagenais, president of Caledon Card Services. "If they don't match, the merchant can then decide to decline the transaction."

Other features of Caledon Card Services' anti-fraud software include Merchant Control Filters, which allow business owners to assign purchase limitation checks, and the Contra Table Check, where merchants can keep a list of numbers that were received from bad customer experiences.

The Fraud Suite is only available to customers using their Caledon's credit card processing and authorization services. For more information on Fraud Suite go to www.ccsinc.on.ca/r_d.html.

 

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