Chase Paymentech Launches Safetech Fraud and Security Solutions18-Jan-2011
Chase Paymentech, a leading merchant acquirer and payment processor, announces the launch of Safetech™ Fraud and Security Solutions. This suite of services deployed separately or as a group, will ultimately protect merchants and their customers from the increasing risks associated with global online fraud and data breaches at the point of sale.
The Safetech suite today includes Safetech Fraud Tools and Safetech Encryption. In the coming months, additional solutions will be introduced in response to the needs of Chase Paymentech’s broad and growing client base.
“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.
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. (NYSE: PAY), 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.
“Chase Paymentech is wise to bring together these much needed solutions to their merchants,” said Carol Coye Benson, managing partner at Glenbrook Partners. “We now live in a world where managing risks associated with payment fraud and data security is part of the daily routine for merchants everywhere. By closely integrating these tools with the payment processing work streams, the Safetech approach makes the process more efficient.”
For more information about Safetech, please visit www.chasepaymentech.com.
About Chase Paymentech Solutions
Chase Paymentech, a subsidiary of JPMorgan Chase (JPMC) is a global leader in payment processing and merchant acquiring, capable of authorizing transactions in more than 130 currencies. The company’s proprietary platforms provide access to a wide variety of payment methods, such as credit cards, debit cards, prepaid stored value cards and electronic check processing. In 2009, Chase Paymentech processed 18.0 billion transactions with a value of $409.7 billion, including an estimated half of all global Internet transactions. The company also provides a full set of solutions aimed at accelerating cash flow and managing transaction data. On the Internet or at the point of sale, Chase Paymentech’s unique combination of outstanding service, innovative solutions and financial strength offers solid benefits to companies both large and small. More information can be found at www.chasepaymentech.com.