December 5, 2018
November 29, 2018
Posted June 15, 2010
By Helping to Reduce Customers’ Fraud Rates, Pagosonline Improves Its Corporate Brand Image and Ability to Sell More
LOS ALTOS, CA. – June 16, 2010 – ThreatMetrix™, a fast growing provider of fraud prevention solutions that do not require personally identifiable information (PII), today announced that Pagosonline, a leading Colombian payment processor and aggregator, has selected ThreatMetrix to help control online fraud and abuse and to drive business expansion throughout South America.Headquartered in Bogota, Colombia, Pagosonline is the main payments gateway and aggregator for merchants in Colombia. As a payments processor, it processes transactions for leading Colombian and South American e-commerce sites, airlines and retailers. As an aggregator, they provide similar services to small to medium-sized businesses that don’t have relationships with banks. Pagosonline also integrates with other payment platforms in South America. Their service is available for South American merchants in Spanish and facilitates payments in Colombian pesos, U.S. dollars and European euros.
“The main business problem we were facing with our merchants was that they were experiencing chargebacks on lower price item transactions two or three months after the transactions had occurred from cyber criminals using fraudulent credit cards,” said Martin Schrimpff, business development director, Pagosonline. “We created our own anti-fraud platform eight years ago where we were relying a lot on IP addresses and cookies to identify customers. Unfortunately, with fraudsters becoming more sophisticated, we discovered that they were using dynamic proxies to hide their identities. That’s when we turned to ThreatMetrix to help us identify where these fraudulent transactions were really coming from and put a stop to them.”
Dynamic proxies are one of the many tools in a fraudster’s arsenal to dynamically change their IP address and browser string attributes to make it appear that they are a new customer upon each visit to a web site. Drawing upon hundreds of anonymous characteristics from a web transaction and analyzing them in real-time, the ThreatMetrix Fraud Network reveals hidden truths about the device visiting a web site to help companies decide whether to trust the computer to create a new account, use a credit card or login. ThreatMetrix is unique in its ability to make all of the data it collects available in real-time including explanations for how it derived the risk score.
According to Schrimpff, Pagosonline also liked the ability of the ThreatMetrix Fraud Network to seamlessly integrate with their in-house anti-fraud platform. “The ThreatMetrix Fraud Network gives me more data to identify risk. I’m now able to stop more fraud, in real-time, more efficiently,” said Schrimpff.
Schrimpff highlighted the example of one Pagosonline customer who was selling international phone cards online. “They were selling massive amounts of phone cards but they were also experiencing unacceptable fraud levels as high as 14%. After implementing the ThreatMetrix Fraud Network, fraud levels dropped to less than 2% which is acceptable for this type of product,” noted Schrimpff.
Today, Pagosonline confidently continues with the expansion of its services to the broader South American market. “By helping us reduce our customers’ fraud rates, we’ve also been able to improve our corporate brand image and our ability to sell more,” said Schrimpff. “The ThreatMetrix Fraud Network helped make all that possible.”
To read a whitepaper on the ThreatMetrix Fraud Network, visit: http://info.threatmetrix.com/ThreatMetrix-fraud-network.html
Pagosonline is one of the leading payment service providers in Latin America. Pagosonline integrates different payment solutions such as local credit cards, bank transfers and cash payments, allowing over 6,000 e-commerce sites to receive payments through different channels. Pagosonline permits international e-commerce sites to receive local payments in Latin America thus reducing their risk due to online fraud and increasing their sales by reaching non-international credit card holder clients. For more information, visit www.pagosonline.com.
ThreatMetrix®, The Digital Identity Company®, is the market-leading cloud solution for authenticating digital personas and transactions on the Internet. Verifying more than 20 billion annual transactions supporting 30,000 websites and 4,000 customers globally through the ThreatMetrix Digital Identity Network®, ThreatMetrix secures businesses and end users against account takeover, payment fraud and fraudulent account registrations resulting from malware and data breaches. Key benefits include an improved customer experience, reduced friction, revenue gain and lower fraud and operational costs. The ThreatMetrix solution is deployed across a variety of industries, including financial services, e-commerce, payments and lending, media, government and insurance.
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