| May 2003 (Chicago,
Illinois) - Key IC, a leader in high performance
digital payment processing solutions, recently found itself
in an enviable position when more than eight million Visa,
MasterCard, American Express, and Discover accounts throughout
the nation had to be cancelled or put on fraud alert due to
a breach of another third party payment processor’s
system.
While the problem was identified early enough to avoid a
real disaster, the possibilities of what might have been are
enough to make any online retailer shudder, and here’s
why. When consumers shop in a brick and mortar environment,
neither they nor the merchant are liable for any fraudulent
purchases made to their credit card. Rather, Visa and MasterCard
absorb those costs. In a card-not-present situation, such
as with online retail shopping, the issuer of the charge card
makes the merchant responsible for any contested purchases.
In addition, the merchant is charged an additional fine for
each chargeback. So one hacker can easily wipe out an entire
slew of online merchants.
Armed with this knowledge, Key IC created its 360° of security.
The Key IC system has more fraud deterrents than any other payment
processing system available today. In addition to its unparalleled
Network-level security, Key IC also provides high-level Access
security. Rather than requiring only two pieces of information
(a login and password) like other sites, Key IC requires three,
all of which meet or exceed VISA CISP security protocols.
In addition, Key IC offers its proprietary Fraud Barricade™
, which combines order integrity, velocity controls, configurable
identity authentication, and advanced address resolution.
Knowing that not all fraud is initiated from outside sources,
Key IC went even further by building in Internal Permission
Controls, which protect online merchants from internal fraud.
Internal Permission Controls enable merchants to set up permissions
for each individual who has access to the Key IC system. The
Key IC system includes an unalterable audit trail, which shows
every transaction made on the system. Would-be thieves will
think twice when they know they can and will be easily identified.
While online sales continue to increase, unfortunately so
does fraud. The Key IC solution is second to none in protecting
both merchants and consumers from being exposed to credit
card fraud.
For information on the Key IC digital payment
processing solution and its 360° of security contact a
Key IC sales representative today at
info@keyic.com.
|
Eight million credit card accounts
throughout the nation had to be cancelled or put on fraud
alert due to a breach of another third party payment processor’s
system.
The Key IC system has more fraud deterrents
than any other payment processing system available today. |
