Chase said that this suite of services deployed separately or as a group, will protect merchants and their customers from the increasing risks associated with global online fraud and data breaches at the point of sale.
The Safetech suite includes Safetech Fraud Tools and Safetech Encryption.
The Safetech Fraud solutions include multi-layer device fingerprinting, proxy piercing, dynamic order linking, dynamic risk scoring, custom rules management and auto-decisioning.
The approach of the Safetech Fraud tools combines Chase Paymentech’s transaction processing expertise and the technologies of Kount, a firm specializing in fraud detection technology.
Safetech Encryption solution is designed to block data theft by masking cardholder data at the point of the swipe and keeping it encrypted throughout the retailer’s network.
Available to Chase Paymentech US point-of-sale retail customers, Safetech Encryption, developed in partnership with VeriFone Systems.
According to industry sources, fraud losses in the US for online merchants reached in excess of $3bn last year alone.
Chase Paymentech president Mike Duffy said the Safetech Fraud and Security Solutions suite will provide customers with the advanced tools they need to fight fraud, protect consumers’ information and reduce the exposure associated with Payment Card Industry compliance.
