ClearCommerce launches software to fight online fraud

[May 18th 2001]

ClearCommerce Corporation has announced the launch of the ClearCommerce Engine version 4.1 with FraudAnalyzer, a new component in the FraudShield solution that will give merchants a more thorough and accurate way to target fraudulent transactions.

FraudAnalyzer uses neural network technology to score fraud risk in real-time. The model was developed by examining extensive transaction and chargeback data supplied by ClearCommerce's Fraud Data Consortium, which includes millions of e-commerce transactions supplied by thousands of merchants. With the addition of FraudAnalyzer, the ClearCommerce Engine is the only transaction processing software that integrates merchant rules, neural network risk scoring, service data and human review to minimize credit card fraud costs.

In addition to its FraudAnalyzer component, FraudShield can dramatically reduce the effort involved in reviewing suspect orders by providing advanced case management tools that automatically identify suspicious transactions. Extensive data analysis has shown that FraudShield should be able to reduce merchants' fraud costs 50 percent more effectively than any other commercial tools. Unlike single-point fraud checks, which may cost more than the fraud they find, FraudShield can provide online merchants with significant cost savings.

"Fraud is an unfortunate fact of online retailing. It's affecting everyone, but it can be effectively reduced," said Robert Lynch, president and chief executive officer of ClearCommerce. "ClearCommerce is uniquely positioned to provide the best fraud models, because our technology is used to support over 40,000 merchants."

"Online credit card fraud continues to be a key inhibitor for e-business, with less than half of e-commerce sites accepting online payments because of perceived risk of fraud and security issues," said Albert Pang, e-commerce software research manager for IDC. "ClearCommerce's new fraud protection software is unique in that it combines rules-based protection, risk scoring and human review. This product offering is expected to help curb online fraud, removing considerable uncertainties for Web merchants."

The ClearCommerce Engine capabilities include: real-time transaction processing with credit card processors, fraud analysis and protection, business reports for merchants, storefront integration, APIs to businesses' existing ERP or inventory systems and shipping and tax calculation.

Links
ClearCommerce		http://www.clearcommerce.com