Chase Paymentech unveils new online and POS fraud prevention solutions

Chase Paymentech has launched a new suite of solutions to protect online merchtans against fraud and POS merchants against data breaches. The new services are dubbed as Safetech™ Fraud and Security Solutions.

“Chase Paymentech is wise to bring together these much needed solutions to their merchants,” said Carol Coye Benson, managing partner at Glenbrook Partners. “We now live in a world where managing risks associated with payment fraud and data security is part of the daily routine for merchants everywhere. By closely integrating these tools with the payment processing work streams, the Safetech approach makes the process more efficient.”

The Safetech Fraud Tools approach combines Chase Paymentech’s transaction processing expertise and scale with the patented technologies of Kount, Inc., a high-tech firm specializing in fraud detection technology. The solution represents a powerful Software-as-a-Service (SaaS) based application, including multi-layer device fingerprinting, proxy piercing, dynamic order linking, dynamic risk scoring, custom rules management and auto-decisioning. These applications provide a unique solution that can dramatically enhance a merchant’s risk management performance. Safetech Fraud Tools can be used effectively regardless of currency and payment method, simplifying the cost and complexity of merchant’s global fraud management initiatives.

Available to Chase Paymentech U.S. point-of-sale retail customers, Safetech Encryption, developed in partnership with VeriFone Systems, Inc. (NYSE: PAY), rivals other technologies on the market today. By encrypting data as it enters the point of sale, rather than later in the payment application, the solution delivers a solid data security that may help merchants reduce the scope of their compliance liabilities and avoid the costs of data theft.