SPARROW has embedded the Cardinal Commerce 3D Secure platform into its fraud prevention suite inside the payment solution.
Scottsdale, Arizona, August 30, 2015 (Newswire.com) - With the rising popularity of online transactions, there is an increased need for card-not-present security protocols to reduce fraud. It is critical for businesses to have safeguards in place to protect themselves and their customers. Recognizing this, SPARROW has embedded the Cardinal Commerce 3D Secure platform into their FBI Tools fraud prevention suite inside the payment gateway.
3D Secure allows for a one-time use or static password to be initiated at the point of sale, dependent upon issuer preferences and risk associated with the transaction. To reduce friction and abandoned shopping carts at checkout, the Cardinal Commerce platform enables more refined merchant preferences. In typical 3D Secure transactions, an authentication is required on every single purchase. But with Cardinal Commerce’s rules engine, merchants’ have control over the frequency of verification, which is especially useful for the high number recurring transactions that SPARROW processes.
It's not just about fraud prevention for the sake of products and services lost, it is also about controlling the operational costs associated with each event.
Matanda Doss, CEO
SPARROW’s 3D Secure are being rolled out in Asian markets where FICO estimates that financial institutions are experiencing a loss of $360 to $420 million a year. SPARROW’s fraud prevention tools allow custom rules which evaluate transaction characteristics, industry specific fraud patterns, and geographic trends. Layered on top is Cardinal’s 3D Secure platform, giving merchants even more control over consumer validation and suspicious behavior. The result is safer transactions for consumers and merchants.
“As more and more merchants look to expand across borders, it is important to utilize every security measure at our disposal. It’s not just about fraud prevention for the sake of products and services lost, it is also about controlling the operational costs associated with each event. SPARROW is excited to be able to integrate the strengths of our FBI Tools with Cardinal Commerce’s 3D Secure to reduce friction for customers and merchants alike.” says Matanda Doss, SPARROW’s CEO. “We are excited to launch in South Korea this month and continue to advance deeper into the Asian market”.
SPARROW is a global payment solutions innovator that delivers state-of-the-art tools and services to merchants, Independent Sales Organizations (ISOs), and Independent Software Vendors (ISVs). Product innovation combined with superior levels of service results in increased operational efficiencies and cost-savings, omni-channel products, and opportunities for business growth. Clients range from startup companies to multi-billion dollar enterprises.
SPARROW provides highly transparent merchant account services to many verticals and all risk categories. Its cloud-based payment gateway software, military-grade security, and a user-friendly interface delivers the most comprehensive payment solution to date to merchants around the globe.