Thursday, October 18, 2012
Elavon & 41st Parameter Deliver Comprehensive Commerce Solution to Mitigate Fraudulent Transactions
By Holly Lytle
FraudNet enables online merchants to reduce fraud, operating costs and grow their business.
ATLANTA, Ga. – October 18, 2012 – Elavon, a leading global payments provider and wholly-owned subsidiary of U.S. Bancorp (NYSE: USB), and 41st Parameter, the global leader in online fraud detection and prevention, have forged an agreement whereby Elavon will offer its clients FraudNet - 41st Parameter's hosted fraud prevention solution. As a result of this agreement, Elavon will provide the tools necessary for clients to mitigate fraud and enable stronger commerce.
As ecommerce sales continue to accelerate significantly faster than the overall rate of growth in the US economy, the ability to address the total cost of online payments is becoming critical for businesses everywhere. Reducing the risk associated with fraud, while making sure that good customers are not turned away, is a balancing act. By employing comprehensive fraud detection at the online point of payment, ecommerce merchants can more precisely detect and prevent sophisticated card-not-present fraud schemes, allowing them to confidently accept more transactions while reducing fraud losses. The outcome results in reduced chargebacks, increased operational efficiencies, improved consumer loyalty and - ultimately - increased revenue.
"The relationship with 41st Parameter opens a new path for how the industry implements advanced global fraud protection services to help businesses optimize their bottom line," said James Ray, SVP Global Strategic Account Management at Elavon. "Elavon's global reach, local expertise and international processing platform, combined with 41st Parameter's FraudNet solution, will help our customers lower the Total Cost of Acceptance and afford them the opportunity to focus on valuable initiatives that drive growth."
Elavon selected 41st Parameter's FraudNet solution on the basis of its superior fraud detection results and extremely low false positive rates. 41st Parameter has over eight years of continuous innovation, fraud expertise and a proven track record of servicing the world's top banks, travel and ecommerce organizations making them a dependable choice to service Elavon's respected set of global clients.
"More and more consumers are shopping online; however, with the rise of more sophisticated fraudsters, ecommerce players have become cautious about rapidly expanding online sales due to increased chargebacks and, ultimately, lost revenue," explains Alan Naumann, CEO of 41st Parameter. "This strategic alliance between Elavon and 41st Parameter delivers a safer ecommerce platform enabling ecommerce revenues to flourish."
About Elavon (www.elavon.com): Elavon is wholly owned by U.S. Bancorp (NYSE: USB) and provides end-to-end payment processing solutions and services to more than one million merchants in the United States, Europe, Canada, Mexico, Brazil and Puerto Rico. Elavon markets solutions including credit and debit card processing, electronic gift cards, dynamic currency conversion, multi-currency support, and cross-border acquiring through multiple alliance channels including financial institutions, trade associations, and third party sales agents. Elavon's suite of solutions is tailored to meet the needs of merchants in specialized markets such as retail, hospitality/T&E, health care, education and the public sector.
About 41st Parameter (www.the41st.com): In a world where people are increasingly reliant on a variety of internet-connected devices for everything from banking to booking travel to shopping, preventing online fraud and creating relevant customer experiences are constant and complex business challenges. 41st Parameter, the global leader in device recognition and intelligence, combines its patented technologies and years of expertise to identify devices without cookies, without compromising privacy and without impacting performance. The company's FraudNet platform protects businesses from fraud before it happens. AdTruth, the company's digital media division, gives marketers a new and better way to recognize and reach their most valuable audiences across all types of devices. These privacy compliant solutions help keep the Internet more secure and relevant for everyone. To learn more about 41st Parameter visit www.the41st.com. To learn more about digital media solutions from AdTruth visit www.AdTruth.com.
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