Device recognition technology and crowd-sourced digital identity analytics prevent wrongly declined transactions.
41st Parameter, the leader in securing online relationships, today announced the general availability of TrustInsight™, the first technology to connect consumers, merchants and financial institutions in a mutually beneficial network of trust. The TrustInsight Network helps recognize customers through trusted digital identities and approve more card not present (CNP) transactions in real-time. This offers the opportunity for online retailers to collectively boost top-line revenues by as much as $1 billion annually. TrustInsight executives will be demonstrating the value of the solution at the Internet Retailer Conference and Exhibition (IRCE) in Chicago this week.
TrustInsight is built on patented DeviceInsight™ technology, already being used by the world’s leading banks and eCommerce organizations, that connects all parties involved in a purchase – consumers, merchants, issuing banks and credit card associations – in an online network to build and benefit from trusted relationships. To alleviate the challenges that sometimes come with CNP transactions, TrustInsight enables trusted, friction-free digital interactions. Dozens of online merchants and credit card associations already have signed on with the TrustInsight Network.
''Approximately 15% percent of CNP transactions are rejected every day, some for credit reasons and some on suspicion of fraud,” said Ori Eisen, founder and chief innovation officer at 41st Parameter. “In round numbers, this nets out to more than $3B in declined transactions every year based on suspicion of fraud. Many of these transactions are being wrongly declined. The TrustInsight Network helps online merchants salvage 33% of these transactions leading to approval of an incremental $1B, not to mention the cost saved in reviewing the suspect transactions.’‘
The TrustInsight Network is based on a TrustScore™, which is derived from DeviceInsight technology and crowd sourced digital identity analytics to provide a real-time approach to confidentially transacting with customers – even if they’ve never been seen by a particular merchant before.
Because TrustInsight enables online merchants to approve a higher number of credit card purchases, the technology drives revenue at participating merchants. Without TrustInsight, companies turn down many legitimate transactions – it’s a loss for the merchant, disappointment for the customer and lost fees for the bank or credit card company. TrustInsight effectively benefits all participants by uniting them in a network of trust.
The TrustInsight executive management team will be at the Internet Retailer Conference and Expo (IRCE) June 4-6, 2013 in Chicago (Booth #110) to demonstrate how online retailers can salvage legitimate sales they are turning away today. Contact TrustInsight to register to meet with the company founders and key product executives.
About 41st Parameter
In a world where people are increasingly reliant on a variety of Internet-connected devices for everything from banking to shopping to entertainment and media, creating relevant customer experiences and preventing online fraud are constant business challenges. 41st Parameter, the global leader in device recognition and intelligence, combines patented technologies and years of expertise to identify devices without cookies, without compromising privacy and without impacting performance. AdTruth, the digital media division, gives marketers a better way to recognize and reach their most valuable audiences across all types of devices. The company’s FraudNet platform protects businesses from online fraud before it happens. The TrustInsight™ Network enables online merchants to increase sales by approving more trusted transactions. These privacy compliant solutions help keep the Internet more secure and relevant for everyone.
* TrustInsight salvages $1 billion revenues for retailers annually (or about 33% of annual fraud declines) by helping reduce the number of Card Not Present transactions that are declined. The TrustInsight Network helps recognize customers through trusted digital identities and approve more card not present (CNP) transactions in real-time.