VERIFYBLUE is the world’s leading authentication matrix and credit card fraud detection and fraud scrubbing tool.

The internet has been a boom for merchants giving access to the global market place and millions of customers. The downside however is that the anonymity of the internet purchase makes your business vulnerable to a world of professional thieves, skilled and eager to defraud your business.

While ecommerce sales continue to grow at over 20% per annum, business losses due to credit card fraud have more than doubled over the last five years. It is estimated by Australian Institute of Criminology that credit card fraud cost Australian businesses over $500 million in 2005, with the Attorney General warning that up to 25% of online purchases are potentially fraudulent. A survey by Australian Institute of Criminology discovered that over a third of on line traders had been a victim of fraud with over half of these businesses reporting more than one online loss within the last 12 months. The average loss per transaction being more than 50% higher than a valid order, with many businesses reporting single losses in excess of $3,000.00 per order with fraudulent transactions representing up to 3% of total sales of many ebusinesses.

In this business environment, knowing your customers has never matter more, with over one third of on line traders acknowledging they have been a victim of on line fraud. In 2005 over 130,000 Australian Credit Card holder’s details were hijacked in a single theft from a USA based clearing house, exposing online traders to even greater risk.

Authorisation of the transaction is not authentication of the transaction. The key to reducing your risk is verification that the card holder is your customer. Authorisation does not identify the cardholder, or that the cardholder is the internet purchaser. Authorisation merely confirms that funds are available and that the card has not been reported lost or stolen, it does not guarantee payment.

VERIFYBLUE offers your business the world’s best practice in fraud detection and fraud scrubbing tool.

VERIFYBLUE is a fully automated multifaceted fraud screening system which operates in real time, taking less than 3 seconds per sale.

VERIFYBLUE identifies and invalidates over 97% of fraudulent transactions, by confirming that the cardholder and the internet purchaser are the same person and operates prior to delivery.

VERIFYBLUE programming sophistication optimises the fraud metrics by reducing false rejections endemic in simpler systems which can “over control” fraud losses invalidating up to four times the number of valid orders to the number of fraud orders rejected.

VERIFYBLUE minimises the trade off between valid order rejection and fraud acceptance by increasing sales and making a bottom-line “net profit” decision an operational reality.

VERIFYBLUE does not access your database or records and does not sit on your computer system, but acts as a gateway validation of your internet sales.

VERIFYBLUE is the only order review mechanism your ebusiness needs, freeing staff engaged in manual order review to work more efficiently in your business.

Many businesses feel until they have been a victim of online fraud that they do not need to worry about the potential, implying that prevention and screening strategies are often employed following a fraud loss, rather than as a pre-emptive measure.

According to a Pricewaterhouse Coopers survey internet and ecommerce transactions account for over half of the total annual fraudulent transactions occurring. This figure maybe conservative as noted by the Minster for Justice less than one third of fraud incidents were reported to the Police.

In contrast to over the counter credit card transactions, where busineses are generally not liable for fraudulent purchases, online businesses can be held responsible for recouping losses associated with online credit card fraud.