FutureBazaar Bucks Up to Fight Online Fraud
FutureBazaar, the online shopping portal of Pantaloon Retail is deploying an anti-fraud solution named Decision Manager to prevent forge attempts on online transactions.
Using the solution, the retailer can now access over 150 global validation tests to screen for fraud and determine in real time whether online transactions should be accepted, rejected, or marked for further review. The online interface enables it to adapt the fraud screening strategies to changing marketplace realities. The solution developed by CyberSource includes case management systems and process analytics to address fraud management process.
Akif Khan, head of U.K. client and technical services for CyberSource Ltd., said, “Fraud patterns vary from region to region and even country to country. Online merchants need to alter their rules to accommodate these variances or they are likely to allow unacceptable levels of fraud and deny too many good orders.”
According to a report on Asia-Pacific B2C e-commerce, Indian B2C e-commerce sales are expected to grow 195% between 2008 and 2011. Virendra Chhatbar, CFO, FutureBazaar, said, “As e-commerce continues its rapid growth in India, retailers large and small must be increasingly vigilant to the threat of fraud. CyberSource has considerable experience working in the Indian online environment, a factor that strongly influenced our decision.”
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