2Checkout.com Renews Agreement for
Internet Fraud Detection Solution from The 41st
Parameter
FraudNetTM
Drops Chargebacks by More Than 45 Percent
with Accurate Detection of Fraudulent Orders
SCOTTSDALE, AZ. – January
30, 2007 – The 41st Parameter, a leader in
agent-less, covert fraud detection and prevention for the
online channel, today announced that 2Checkout.com, Inc.
(www.2Checkout.com), a worldwide eCommerce solution for more
than 65,000 vendors featuring over 300,000 unique products and
services, has renewed its contract for FraudNet™. The
multi-year extension enables 2Checkout.com to continue using
the patent-pending FraudNet solution to quickly
detect Internet and eCommerce fraud while monitoring for
evolving fraud trends that aid in future prevention. A
customer since August 2005, 2Checkout.com has used
FraudNet to help reduce chargebacks by more than 45
percent while also reducing the amount of investigator
resources required to monitor orders and review suspect
transactions.
"Detecting and preventing fraud before
the products are delivered is critical for our business," said
Kristin Dach, CFO at 2Checkout.com. "The FraudNet
solution allows us to quickly glean a rich set of device data
from every online website visitor and match the credentials
and order information claimed to that data. This insight has
helped our investigative team better pinpoint fraudulent
orders while reviewing fewer transactions. In our business,
that means new cost savings and efficiencies, and we can
increase our focus on better serving our clients and helping
to grow their online business."
2Checkout.com renewed
its contract with The 41st Parameter based the
Company's unique ability to provide highly accurate device
identification as well as the level of expertise and support
it has experienced since first becoming a customer in 2005.
Used to collect a rich set of device data (more than
41 machine characteristics) during users' online interaction
with the 2Checkout.com website, FraudNet calculates
more than 300 separate algorithms to assess potential risk.
The solution requires no action or enrollment from customers
and is completely invisible to end users, so every website
visitor is monitored and there is no impact on call centers or
customer support. The FraudNet solution also does not
"tag" website visitors with any software, cookies or other
downloads, preventing perpetrators from reverse engineering
the technology, and preventing problems when legitimate
customers inadvertently delete or uninstall such tags.
"2Checkout.com has been at the forefront of our fight
against online fraud for the past year and a half," said Ori
Eisen, founder and chairman of The 41st Parameter.
"We are excited they have experienced such dramatic results,
and look forward helping them further reduce losses and
improve efficiencies as we continue making fraud
history together."
For more information about The
41st
Parameter's covert Internet fraud detection and prevention solutions, please send inquiry to info@the41.com.
About The 41st Parameter
As the pioneer of covert, online fraud
detection and prevention technologies, The 41st Parameter
offers highly accurate, non-intrusive fraud control measures
for the online channel. By continuously collecting new and
unique parameters from end-user computers during online
account access, the Company’s patent-pending technologies
enable forensic identification of devices to monitor
suspicious or fraudulent account activity and help protect
sensitive customer data. The 41st Parameter’s products have
“zero imposition”, requiring no action or behavior change on
the part of the consumer. For more information, please visit
www.the41.com.
# # #
All brands, names, or trademarks
mentioned in this document are the property of their
respective
owners. |
