This week SVL Business Solutions has launched its new fraud prevention product, SVL SecurePay, an exciting new product that offers organisations who take card payments total protection.
A recent study from Juniper Research found that retailers will lose some $130 billion in digital CNP (Card-not-Present) fraud between 2018 and 2023. Complex cross‑channel fraud will become the ‘new normal’
Most available solutions for taking “Card Not Present” (CNP) transactions over the telephone offer customers reassurance that they need not verbalise their card details over the phone to a stranger.
However, CNP transactions are still vulnerable to fraud, with the merchant being liable to reimburse the customer for any financial loss.
SVL SecurePay is designed change the dynamic of the transaction. Powered by SOTPay, this simple to deploy solution immediately makes telephony payments PCI compliant whilst reducing bank charges and authenticating transactions, thus shifting liability for CNP fraud from the vendor to the acquiring Bank.
The many benefits of CNP transactions remain, but the sensitive card data will not enter the merchant environment, allowing the customer to complete the transaction in their channel of choice.
This becomes a cost-effective, omni-channel, cloud-based product that works whether payments are taken in person, by phone, text, via social media or webchat on desktop or mobile devices. Another bonus is that this product is both acquirer and payment gateway agnostic.
SVL SecurePay authenticates using a two-factor process. It also supports your compliance with ‘Strong Customer Authentication” legislation PSD2
SVL Director Peter Gough said, “Fraud losses on UK-issued cards totalled £671 million in 2018, a 19 per cent increase from £566 million in 2017. This is a real problem and we are delighted to partner with SOTPay to provide this cutting-edge fraud prevention solution”