| 3rd Party
Fraud Prevention System |
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RampidPay is a system of ID validation
techniques combined to offer the most advanced fraud prevention system
available. Designed to plug into your current credit card processing
system, any merchant can benefit from securing every transaction and
preventing your customers from taking advantage of your business with
fraud.
How RampidPay Works
There are 3 major steps that can be used to describe how the RampidPay
anti-fraud system works.
| Step 1 -
Validate Customer Identity |
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| The only way to
truly eliminate fraud on the internet is to validate the identity
of the customer trying to use the credit card on your website and
match it with the name and address of the person listed at the
card-issuing bank. If the identify of the customer trying to use
the card matches the identity of the person that is registered
with the bank of the card issuer - that transaction is not
fraudulent. Without fool-proof customer validation, there is
no way to know if the person using the billing information
provided is the actual person who owns the credit card. Someone
who is NOT that person could get hold of their billing information
and use it to fraud your business. Internet frauders use very
advanced tactics to retrieve complete billing information from
online shoppers. Once they have this information, they can get
away with using it to make online purchases almost anywhere on the
web. Even if you try to catch these frauders after they strike, it
in most cases does not make financial sense to spend the money on
private investigator and a lawyer to prosecute them. The frauder
are also often located in another country, outside of your
jurisdiction. RampidPay uses a
proprietary real-time customer validation check at the time the
customer tries to make a transaction on your website. Pulling from
our vast database of personal records, we will issue the customer
a short online identification quiz. This quiz will ask questions
that are not billing related and can only be answered by the
person listed on the credit card. If someone who is not that
person tries to pass the id quiz, they will certainly fail.
Questions such as "What was the amount of your first car loan?"
will appear on the quiz. If the customer passes the quiz, your
customer will be able to make a purchase on your website right
away, without risk to you of that transaction being fraudulent.
If there is not enough data to issue the
quiz or if the customer fails the quiz and feels they have a valid
reason for not being able to pass - The customer can request to be
called by a RampidPay Agent. The agent will manually validate the
customer over the phone. This is very important and will ensure
that you do not lose out on any legitimate customers.
Validating the customers Identity will
prevent chargeback's from common sources such as:
Internet CC Sharing, Identity Theft, International Fraud, Kids
stealing parents credit cards and more!
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| Step 2 -
Monitor Future Transactions |
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| Once the customers
identity has been confirmed it is still important to monitor the
transactions they continue to make. RampidPay will monitor this
and alert you of any suspicious activity. |
| Step 3 -
Prevent Friendly Charge-backs |
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| Even though a
trusted customer has made consistent valid purchases month after
month - there is no way to prevent that customer from turning on
you and issuing a chargeback claim. A chargeback can be done by
any credit card holder free of charge and does not take up much
time, it is very easy to do. Once this chargeback is issued, you
will have 30 days to respond with enough evidence to overturn it.
If you do not respond in time, or if the merchant bank does not
get enough evidence from you to overturn it - you will be charged
$25+ per transaction AND charged for the total amount of money the
former customer has spent on your website. The money will be
returned to the customer, and the bank will make a $25 profit on
each transaction they chargeback. It is up to you to get the
product or service you gave back from the customer (not very
easy). Reasons for friendly
chargeback's include:
Customer wants the money back to pay for something else,
customer feels he didn't get what he paid for, customer is unhappy
with product or service provide, Kid steals parents credit card
and parents want money back.
RampidPay will prevent friendly chargeback's
using a set of spending limit flags. When your customers have
reached certain spending limits, they will be issued the
appropriate documents thy will need to get back to us in order to
continue making transactions. These documents will be stored by
RampidPay and will be provided to you for use when a customer
tries to do a chargeback. The information we provide to you will
be enough to overturn the customers chargeback, preventing the
loss of your product, revenue and costly fees.
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|
 Anti-Fraud
Services Pricing Information, Click Here
RampidPay Case Study:
Outwar.com
is the leading web based role-playing game on the internet.
Formerly ranked one of the internets top 500 sites by
Alexa.com -
Outwar sells a virtual good that is not shipped through the
postal service. Because this digital good is credited
electronically, it is very prone to credit card fraud and it is
very easy for customers to charge the product back. Outwar.com
has lost many US merchant accounts and suffered heavy financial
losses because they were unable to stop the credit card fraud
and chargeback levels. Since using the complete RampidPay
system, Outwar has reduced chargeback's by 99+%. |
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