WorldPay introduce online “store detective”

[July 1st 2002]

Multi-currency payment processor WorldPay today announced the launch of WorldAlert, a new e-commerce product that takes the burden of managing anti-fraud protection away from the retailer. The launch comes in the wake of research from Experian showing that over 97% of online retailers have been hit by online fraud over the last year, yet almost 30% of them still rely on manual methods of fraud detection, indicating that they prefer not to use currently available third-party anti-fraud systems.

WorldAlert acts as an individual `store detective' overseeing each transaction, protecting both online retailers and shoppers by detecting patterns of fraudulent buying behavior and automatically alerting the retailer to the level of risk involved. The retailer can then decide whether to accept or decline the transaction. It is unique for several reasons:

• Non-third-party system - WorldAlert was developed by WorldPay in-house, expressly to address the needs of WorldPay customers. No further integration is necessary;

• "Hands-off" operation - The retailer does not have to calibrate the system. Instead, WorldPay has a team of risk specialists constantly monitoring feedback from every transaction and fine-tuning WorldAlert's parameters as required;

• International scope - WorldPay uses global transaction data, not just US - specific data. This enables it to function globally, screening every transaction against fraud;

• Real-time, multi-card analysis - WorldAlert analyzes multiple card types in real time, offering across-the-board payment screening.

"We have long foreseen that the third-party anti-fraud technologies currently available were simply too complex and required too much intervention by the retailer," said Nick Ogden, CEO of WorldPay. "The figures from Experian bear this out; retailers actually see manual checks as less onerous and more effective than third-party anti-fraud technology. We developed WorldAlert in response to this. WorldPay looks after the fine-tuning of the system, and the retailers simply reap the benefits, without any need for their repeated intervention. We have also implemented an incentivized pricing plan to enable retailers who are currently operating through other payment providers to migrate to WorldPay and enjoy the protection that WorldAlert offers."

"U.S. retailers that have held back from pursuing global eCommerce out of concerns over security now have the added assurance of WorldAlert to protect their financial interests in the fast-growing international online sales market," said David Talley, WorldPay's Vice President - Americas. "With WorldAlert, retailers can benefit from the best system on the market for stopping eCommerce fraud in its tracks."

Links
WorldPay		http://www.worldpay.com