FraudNet enables online merchants to reduce fraud, operating costs
and grow their business.
ATLANTA--(BUSINESS WIRE)--Oct. 18, 2012--
Elavon, a leading global payments provider and wholly-owned subsidiary
of U.S. Bancorp (NYSE: USB), and 41st Parameter, the global leader in
online fraud detection and prevention, have forged an agreement whereby
Elavon will offer its clients FraudNet – 41st Parameter’s
hosted fraud prevention solution. As a result of this agreement, Elavon
will provide the tools necessary for clients to mitigate fraud and
enable stronger commerce.
As ecommerce sales continue to accelerate significantly faster than the
overall rate of growth in the US economy, the ability to address the
total cost of online payments is becoming critical for businesses
everywhere. Reducing the risk associated with fraud, while making sure
that good customers are not turned away, is a balancing act. By
employing comprehensive fraud detection at the online point of payment,
ecommerce merchants can more precisely detect and prevent sophisticated
card-not-present fraud schemes, allowing them to confidently accept more
transactions while reducing fraud losses. The outcome results in reduced
chargebacks, increased operational efficiencies, improved consumer
loyalty and – ultimately – increased revenue.
“The relationship with 41st Parameter opens a new path for how the
industry implements advanced global fraud protection services to help
businesses optimize their bottom line,” said James Ray, SVP Global
Strategic Account Management at Elavon. “Elavon’s global reach, local
expertise and international processing platform, combined with 41st
Parameter’s FraudNet solution, will help our customers lower the Total
Cost of Acceptance and afford them the opportunity to focus on valuable
initiatives that drive growth.”
Elavon selected 41st Parameter’s FraudNet solution on the basis of its
superior fraud detection results and extremely low false positive rates.
41st Parameter has over eight years of continuous innovation, fraud
expertise and a proven track record of servicing the world’s top banks,
travel and ecommerce organizations making them a dependable choice to
service Elavon’s respected set of global clients.
“More and more consumers are shopping online; however, with the rise of
more sophisticated fraudsters, ecommerce players have become cautious
about rapidly expanding online sales due to increased chargebacks and,
ultimately, lost revenue,” explains Alan Naumann, CEO of 41st Parameter.
“This strategic alliance between Elavon and 41st Parameter delivers a
safer ecommerce platform enabling ecommerce revenues to flourish.”
About Elavon (www.elavon.com):
is wholly owned by U.S. Bancorp (NYSE: USB) and provides end-to-end
payment processing solutions and services to more than one million
merchants in the United States, Europe, Canada, Mexico, Brazil and
Puerto Rico. Elavon markets solutions including credit and debit card
processing, electronic gift cards, dynamic currency conversion,
multi-currency support, and cross-border acquiring through multiple
alliance channels including financial institutions, trade associations,
and third party sales agents. Elavon's suite of solutions is tailored to
meet the needs of merchants in specialized markets such as retail,
hospitality/T&E, health care, education and the public sector.
About 41st Parameter (www.the41st.com):
In a world where people are increasingly reliant on a variety of
internet-connected devices for everything from banking to booking travel
to shopping, preventing online fraud and creating relevant customer
experiences are constant and complex business challenges. 41st
Parameter, the global leader in device recognition and intelligence,
combines its patented technologies and years of expertise to identify
devices without cookies, without compromising privacy and without
impacting performance. The company's FraudNet platform protects
businesses from fraud before it happens. AdTruth, the company's digital
media division, gives marketers a new and better way to recognize and
reach their most valuable audiences across all types of devices. These
privacy compliant solutions help keep the Internet more secure and
relevant for everyone. To learn more about 41st Parameter visit www.the41st.com.
To learn more about digital media solutions from AdTruth visit www.AdTruth.com.
Photos/Multimedia Gallery Available: http://www.businesswire.com/cgi-bin/mmg.cgi?eid=50444712&lang=en
For Elavon Media Relations
Claire Gajeckyj, 01923 651542
Bank Media Relations
Teri Charest, 612-303-0732
Karen Dayan, 408-316-2058