SAN JOSE, CA--(Marketwired - May 21, 2014) - 41st Parameter, the leader in device recognition technology and a part of Experian, today announced a major milestone for the eCommerce industry: a solution to drive increased revenues and loyalty by establishing stronger online consumer trust. Powered by the TrustInsight™ network, which determines and develops trusted relationships between online consumers, merchants and financial institutions, the company is able to provide a real-time TrustScore™ for online shoppers in the United States. More than 150 major US merchants are already part of the TrustInsight network with more joining every day.
In the wake of recent high profile data breaches, many merchants have wisely increased the sensitivity of their fraud detection and prevention systems. An unintended consequence of this increased security has been a growing number declines among legitimate card not present (CNP) transactions. Commonly referred to as "false positives," these declines cost sales, fees and customer loyalty and increase operational costs. Merchants need a way to conduct online transactions with confidence.
"The impact of consumer action in the face of a decline can have real and measurable effects on all parties, including credit card companies, banks and merchants manifesting itself in lost revenues, lost fees and lost customer loyalty," said Surag Patel, vice president, global product management at 41st Parameter. "The good news is that merchants are realizing that they can have high security without compromising consumer loyalty or sales."
TrustInsight works by anonymously leveraging information merchants and financial institutions already have about consumers. This combination of information over time is used to create a crowd-sourced TrustScore. When a customer -- even a first-time customer -- attempts a transaction, the merchant can rely the TrustScore to determine the validity of the consumer. This alleviates the guesswork -- and risk -- from the anonymous online commerce equation.
Patel will be leading a panel discussion on Digital Consumer Trust with experts from the merchant community and financial services industry at this week's CNP Expo, on Thursday, May 22. During the hour-long session, the expert panel will discuss primary research explaining the $40 billion in revenue lost each year to unwarranted CNP credit-card declines and what businesses can do to avoid it.
About 41st Parameter
In a world where people are increasingly reliant on a variety of Internet-connected devices for everything from banking to shopping to entertainment and media, creating relevant customer experiences and preventing online fraud are constant business challenges. 41st Parameter, a part of Experian, is the global leader in device recognition and intelligence. The company combines 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 online fraud before it happens. AdTruth, the digital media division, gives marketers a better way to recognize and reach their most valuable audiences across all types of devices. The TrustInsight™ enables online merchants to increase sales by approving more trusted transactions. These privacy compliant solutions help keep the Internet more secure and relevant for everyone.