Merchant acquirer and processor Chase Paymentech – a division of JPMorgan Chase – has launched a suite of fraud prevention tools for its merchant customers to use to combat fraud and data theft. The Safetech Fraud and Security Solutions product suite includes capabilities for monitoring transactions to detect fraud, and to encrypt sensitive payment data while being processed or stored. The products were developed using technology from fraud prevention vendor Kount and point-of-sale device manufacturer and services company VeriFone. The announcement also states that additional tools may be released under the Safetech brand.
“Increasingly, our merchants are challenged with managing the risks associated with consumer transactions, whether online or at the point of sale,” according to Mike Duffy, president of Chase Paymentech. “Our Safetech Fraud and Security Solutions suite will provide our customers with the advanced tools they need to fight fraud, protect consumers’ information and reduce the exposure associated with Payment Card Industry compliance.”
Safetech Fraud Tools
Safetech Fraud Tools addresses a challenge that online merchants and billers experience every day; how to retain legitimate sales while preventing fraudulent transactions. According to industry sources, fraud losses in the U.S. for online merchants reached in excess of $3 Billion last year alone.The Safetech Fraud Tools approach combines Chase Paymentech’s transaction processing expertise and scale with the patented technologies of Kount, Inc., a high-tech firm specializing in fraud detection technology. The solution represents a powerful Software-as-a-Service (SaaS) based application, including multi-layer device fingerprinting, proxy piercing, dynamic order linking, dynamic risk scoring, custom rules management and auto-decisioning. These applications provide a unique solution that can dramatically enhance a merchant’s risk management performance. Safetech Fraud Tools can be used effectively regardless of currency and payment method, simplifying the cost and complexity of merchant’s global fraud management initiatives.
Safetech Encryption
Data breaches are damaging to consumers and expensive for merchants. The average cost per compromised customer record can now reach $305, according to Forrester Research.
Safetech Encryption represents breakthrough technology designed to block data theft by masking cardholder data at the point of the swipe and keeping it encrypted throughout the retailer’s network.Available to Chase Paymentech U.S. point-of-sale retail customers, Safetech Encryption, developed in partnership with VeriFone Systems, Inc., rivals other technologies on the market today. By encrypting data as it enters the point of sale, rather than later in the payment application, the solution delivers a solid data security that may help merchants reduce the scope of their compliance liabilities and avoid the costs of data theft.
