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No Fraud, LLC Launches A New Approach to eCommerce Fraud Prevention - No Fraud announces its launch of a new credit card fraud prevention service, which will debut at the Internet Retailer Conference and Exhibition in Chicago - NoFraud.com
No Fraud, LLC Launches A New Approach to eCommerce Fraud Prevention

 

PRZOOM - /newswire/ - New York, NY, United States, 2015/06/16 - No Fraud announces its launch of a new credit card fraud prevention service, which will debut at the Internet Retailer Conference and Exhibition in Chicago - NoFraud.com.

   
 
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The company offers internet retailers a fraud detection system on a per-transaction basis. No Fraud’s co-founders claim the system is so effective, they are able to reduce fraud from an industry average of 2% of orders to just 0.1%. They hope to introduce industry-disrupting integration and pricing models to boost merchants’ bottom lines.

With the proliferation of online shopping, retailers are more exposed than ever to card-not-present fraud. According to a 2013 report by CyberSource Co., eCommerce merchants in the U.S. saw $3.5 billion in losses to fraud. While the rate of fraud was only 0.6% across all industries in 2013, fraud concentrates in high-risk industries, such as electronics. No Fraud’s system uses virtually every fraud detection technology available, from IP geolocation to social media data mining, to cross-reference transactions in real time.

“When I started looking for help to manage fraud at my own electronics business, I found the options on the market were either too expensive, too complicated to set up, or were basically insurance,” said Co-founder and Fraud Specialist, Shaya Posner. “So, I just did it in-house. What our team came up with was so effective that we wanted to make it available to the public.”

Posner says he saw fraud cut to a rate of 0.01% of orders, a staggeringly low number in the electronics industry. What he says sets No Fraud apart further, however, is its integration. Merchants must change their gateway URLs and install a simple JavaScript on their sites, a process that takes only a few minutes. Billing is on a scaled, per-transaction basis, and users are not locked into contracts.

“The goal was to cut through the nonsense in fraud prevention,” said Isaac Gurary, co-founder. “Every company is different, but fraudsters typically have a behavioral pattern. We created a product that is tailored to fraudsters rather than companies. That way business owners can set up No Fraud in 10 minutes and know that they are protected. They don’t need to spend time tweaking rules, or monitoring the system to make sure they’re not losing real customers, or checking questionable transactions. They can just get back to work.”

No Fraud includes a feature called Live Cardholder Verification. If a transaction is considered potentially fraudulent, No fraud’s team will contact the cardholder directly to verify a purchase. The decision making process is then automated. The result is that No Fraud is able to accept transactions that might have been declined due to minor discrepancies, such as typos. Posner claims this industry-first feature will virtually eliminate declines of legitimate orders, a major hurdle in the fraud-prevention field.

No Fraud (nofraud.com), based in Brooklyn, NY, provides e-commerce merchants with the #1 most effective eCommerce credit card fraud protection, virtually eliminating card-not-present fraud, false positives, and chargebacks after ten minutes of set up. See an immediate impact on your bottom line, without manual review or training. No Fraud is the price-performance leader, with no quotas, lengthy contracts, or start up fees. No Fraud’s team of industry experts constantly updates the system using the latest technology to meet emerging threats. It is the only commercially available service that contacts cardholders directly to verify purchases, ensuring you don’t deny legitimate customers ever.

 
 
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No Fraud, LLC Launches A New Approach to eCommerce Fraud Prevention

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IMPORTANT INFORMATION: Issuance, publication or distribution of this press release in certain jurisdictions could be subject to restrictions. The recipient of this press release is responsible for using this press release and the information herein in accordance with the applicable rules and regulations in the particular jurisdiction. This press release does not constitute an offer or an offering to acquire or subscribe for any No Fraud, LLC securities in any jurisdiction including any other companies listed or named in this release.

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