Being able to understand your customers brings a decisive competitive advantage. This is all the more true for online retailers, who don’t interact with customers face-to-face. With the innovative products from Wirecard, merchants can increase their revenue by deliberately controlling and calculating risk. Thanks to automated, real-time processes which run in the background, online shop owners ensure that they always play it safe.
Trust Evaluation Suite (TES)
In order to accurately appraise customers during the ordering process and effectively prevent payment default, it is necessary to observe and evaluate various parameters. The Trust Evaluation Suite (TES) from Wirecard conducts this evaluation automatically in the background in real time, so at the end of the ordering process, every customer is presented with individual payment methods that are most advantageous for the retailer. Because TES makes decisions about credit limits and payment options without retailers having to get involved in each individual case, online shop owners can concentrate on their actual business. TES is built to be modular and scalable, so it can suit companies of any size.
As an intermediary to the credit agencies, TES not only checks common metrics like address, age, creditworthiness and blacklists and whitelists in the evaluation of new customers and verification of existing customers, it also checks variables like past payment behaviour, customer history, shopping cart data and product risk. In addition, double order attempts can be automatically declined, saving cancellation fees. TES combines the results of each individual check into a merchant-specific score matrix, which it then uses to determine an individual order and credit limit and the targeted payment methods for each customer.
Fraud Prevention Suite (FPS)
With Fraud Prevention Suite (FPS) from Wirecard, shop owners have a powerful but easy-to-use risk management tool that identifies and prevents suspicious transactions before they do damage. FPS extends security protocols like 3DSecure by protecting merchants where there are no guarantees. It can secure credit card sales not protected through security checks like Verified by Visa (Vbv) and MasterCard SecureCode (MSC). Using several intelligent testing procedures based on rules that Wirecard continually revises and updates, FPS considers relevant transaction metrics in real time and then automatically decides whether a potential payment is suspicious. This reduces the cost of manual checking while also minimising the number of fraudulent orders resulting in payment defaults and loss of products. Basic rules already exist for several sectors, so FPS can be implemented immediately on a best practice basis and used to evaluate all the relevant transaction data in the background.
This includes the issuing country of the credit card, the origin of the customer’s IP address, the general plausibility of payment data, any irregular patters during the ordering process (“velocity check”), any blacklisted entries, or abnormalities during virtual finger printing (“device finger print”), which every user’s device automatically leaves behind. Even information from credit card chargebacks and new fraud patterns emerging from the analysis of merchant-specific transaction histories are included in the real-time evaluation. FPS also ensures merchants don’t accidentally categorise normal orders as fraudulent ones – so-called “false positives” – which annoy “good” customers.