Implements system to reduce risk involved in selling new smartcards online and over the telephone
Mountain View, CA — May 13 — CyberSource Corp., a provider of electronic payment and risk management solutions, said today that Transport for London (TfL) is using CyberSource payment processing, advanced fraud screening, and payer authentication services for its Oyster smartcard product.
TfL, the organization responsible for the U.K. capital's transport system (including London's buses and the Underground) required a solution that would help to reduce the risk involved in selling its pioneering Oyster smartcards online and over the telephone.
Nathan Jackson, CyberSource director of sales for Europe, Middle East, and Africa, said, "Any business with a new online presence can be a target for credit card fraudsters, who try to crack systems like these before they are fully in place and fine-tuned. Fraudsters also like high-volume sites designed to maximize transactions, as they can be easier to use undetected."
The new Oyster Pre Pay product was launched in January 2004 and with significant numbers of customers purchasing online, TfL identified that credit card fraud could become a problem if preventative measures were not put in place. It required a solution that could handle large numbers of transactions quickly, yet still be reliable and secure.
Jennifer Allan, off-system sales operations manager at TfL, said, "We selected CyberSource's solutions because they provided us with the capability to integrate both our Web site and call center operations, enabling real-time and online processing of large quantities of card-not-present transactions." She added, "The speed and efficiency of checking credit and debit card details helps us to minimize fraud and maximize our card-not-present sales by ensuring that legitimate customers are not turned away."
CyberSource said its payment solution available as an outsourced service or in-house managed software, operating behind-the-scenes to authorize and settle electronic payments through built-in connections with processors and merchant banks.
CyberSource Advanced Fraud Screen provides fraud risk prediction scores by assessing over 150 order variables such as address validation, IP address verification and order velocity.
Payer Authentication service allows merchants to use both Verified by Visa and MasterCard SecureCode programs via one connection. These programs verify cardholder identity with the card issuer in real-time to increase payment security and reduce the risk of fraud.