The Royal GazetteFAC fights card fraud in Latin America
Bermuda-based credit card payment processing firm First Atlantic Commerce (FAC) has teamed up with a Latin American company to try to crack down on online credit card fraud in the region.
FAC has implemented a unique, Verified by Visa and MasterCard SecureCode cardholder "authentication-only" solution for Promocion y Operation S.A de C.V (PROSA), the largest provider of electronic transactions in Latin America.
The system will help banks to determine chargeback liability for their online merchants in advance of the actual payment transaction authorisation, thereby providing advance information to assist with reducing fraud and mitigating risk. PROSA operates one of the most important payment processing switches in the world, processing more than 1.3 billion transactions annually and facilitating the majority of transactions made at point of sale terminals throughout Mexico and Latin America, including American Express, Visa and MasterCard, as well as the ATM's of HSBC, Santander, Scotiabank, Banorte, Banjercito, Banca Afirme, Interacciones, Ixe, Invex, Banregio, and other financial institutions in Mexico, Puerto Rico, and Latin America.
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About FAC:
Delivering World-Class Solutions
Our
strategic partners play a key role in helping us deliver a range of
online payment processing and risk management solutions to clients
around the globe.
International Processing Partners:
TSYS Card Tech
TSYS Card Tech has become a
market-leading provider of software solutions to the payments industry.
The company prides itself in delivering the highest quality products
and services on time and to an agreed budget; backing up every
installation with the very best support service, 24 hours a day, seven
days a week. Today, more than 190 clients, including some of the
world's largest banks, use TSYS Card Tech systems in over 70 worldwide
locations.TSYS Card Tech core products are all developed in-house and are
designed to address any and all aspects of the card management
business. TSYS Card Tech's motto of “any card, anywhere” is justified
by the company's track record. TSYS Card Tech systems are flexible,
modular, parameterised, robust, scalable, cost- effective and future
proof.TSYS Card Tech products and solutions,
including card issuance, merchant acquiring, authorisation, message
switching, key and PIN management, eCommerce, dispute and fraud
management, address every aspect of the card management business cycle.
EVERTEC, Inc.
EVERTEC, a subsidiary of Popular, Inc. (NASDAQ: BPOP), is a leading
provider of transaction processing and outsourcing services including
application processing, business process outsourcing, programming and
IT consulting to customers in 15 countries in a variety of industries.Through its transaction processing
services EVERTEC executes over 920 million transactions yearly, and
operates a network of over 4,300 automated teller machines and over
85,000 point-of-sale payment terminals. With over 1,700 professionals
operating in 7 countries within the Caribbean Basin, the United States,
Central and South America, EVERTEC supports a variety of production
platforms ranging from portable payment devices to high-end mainframe
systems.
First Data Merchant Services (FDMS)
First Data Corporation is a worldwide
leader in electronic payment solutions. First Data through its bank
partners gives a competitive edge to businesses and financial
institutions, offering a complete portfolio of payment systems and
services to meet the globally expanding needs of their clients. The
company harnesses partnerships with industry leaders to provide leading
edge, innovative products and services.
Industry leadership requires a strong
commitment to business, industry and product development. Knowledge of
the industries directs the creation of the right kind of products and
services that drive successful business development.
www.fdms.com
Scotiabank International
Scotiabank is one of North America's
premier financial institutions and Canada's most international bank.
With more than 60,000 employees, Scotiabank Group and its affiliates
serve approximately 12.5 million customers in some 50 countries around
the world. Scotiabank offers a diverse range of products and services
including personal, commercial, corporate and investment banking. With
$462 billion in assets (as at July 31, 2008), Scotiabank trades on the
Toronto (BNS) and New York Exchanges (BNS).
Verified by Visa
For more than thirty years, Visa has helped to set industry standards
for secure payments between consumers and merchants. Verified by Visa
improves the security of payment transactions in the electronic
commerce environment over open networks. It increases both cardholder
and merchant confidence in Internet purchases, and reduces disputes and
fraudulent activity related to the use of Visa payment cards.http://usa.visa.com/merchants/risk_management/vbv.html
MasterCard® SecureCode™MasterCard® SecureCode™ provides merchants with a global
authentication solution that takes online shopping security to a new
level. Electronic retailers face unique challenges in accepting cards
for payment in the eCommerce environment. Unlike the physical world,
there’s no signed sales receipt online and therefore no definitive way
for a merchant to dispute a cardholder claim that a purchase wasn’t
made.Now, with
MasterCard® SecureCode™, there is a way to protect electronic retailers from unauthorized purchases.
MasterCard® SecureCode™ is initiated on a retailer’s Web site and interacts with both the cardholder and their card issuer.http://www.mastercard.com/us/merchant/security/what_can_do/SecureCode/index.html
PayPal
PayPal is the safer, easier way to pay
and get paid online. The service allows anyone to pay without sharing
financial information and gives consumers the flexibility to pay in any
way they prefer, including through credit cards, bank accounts or
account balances. With more than 60 million active accounts in 190
markets and 17 currencies around the world, PayPal enables global
ecommerce. PayPal is an eBay company.
Strategic Risk Management Partners:
ethoca
Headquartered in Dublin, Ireland, with
offices in Toronto, Canada, Ethoca is the leader in collaborative fraud
management. Ethoca enables businesses operating in any
customer-not-present environment (i.e., business by internet, phone,
fax or mail) to make more informed decisions about their customer
transactions by sharing transaction experience data in a way that is
secure, automated, effective and ethical. Businesses submit transaction
data to Ethoca and can use summary history and analysis based on the
collaborative data of Ethoca's clients to gauge the fraud-risk
associated with any given transaction.
www.ethoca.com
Technology And Design Partners:
Microsoft
Founded
in 1975, Microsoft (Nasdaq "MSFT") is the worldwide leader in software,
services and solutions that help people and businesses realize their
full potential. MS-DOS, .NET, Office XP, 2007 Office system, Windows,
Windows Server, Windows 3.0, Windows 95, Windows 98, Windows 2000,
Windows XP, and Windows Vista are all registered trademarks of
Microsoft Corporation.
Xtrategies
Xtrategies is a boutique consulting
firm, with extensive banking, payments and strategy experience serving
Latin America and the Caribbean. Practice areas include operations,
risk management, product strategy and new business ventures. The
company provides support across a wide range of areas including card
programme management, card processing, opreational processes, reporting
and performance matrix, technology and services, vendor search,
evaluation and selection, project management and solution delivery and
interim management, fraud prevention, Information Security Assessments
(Qualified Security Assessor for PCI Evaluations) and business
development.
Tug Ltd
London, England-based Tug specializes
in Search Engine Marketing, and targeted advertising to prospects that
are actively searching for information or are ready to buy online. The
company provides Search Engine Optimization and Pay-Per-Click solutions
to assist online merchants in meeting their business and sales
objectives.
www.tugsearch.co.uk
Bermedia
Bermedia is a Bermuda-based web development agency specializing in
online software development using .NET, Adobe Flash and other leading
web technologies. Through their years of global experience and the
support of their sister agencies in London and Argentina, Bermedia is
able to deliver world class solutions for all businesses.
www.bermedia.com
emedia Bermuda Limited
emedia Bermuda Limited is a full-service
firm with expertise in marketing, web design and development and public
relations. Established in early 2000, emedia has continually expanded
and evolved to meet the needs of our clients. The creative and
cohesive team prides itself on offering a fresh approach and strategic
solutions for every client, on every project.
Industry Associations:
The Electronic Transactions Association
The Electronic Transactions Association is an international trade
association representing companies who offer electronic transaction
processing products and services. The purpose of ETA is to influence,
monitor and help shape the merchant acquiring industry by providing
leadership through education, advocacy and the exchange of information.ETA's membership spans the breadth of the payments industry, from
financial institutions to transaction processors to independent sales
organizations (ISOs) to equipment suppliers.
More than 500 companies worldwide are members of ETA.
www.electran.org
Ministry of Telecommunications & eCommerce (MTEC), Bermuda
The mission of MTEC is to foster a culture of technology excellence by
“facilitating” the continued development, growth and advancement of
technology, technology related business, opportunities skills and
access, in keeping with the social agenda objectives of empowering
Bermuda’s economic growth, social fabric and economy, and enabling
Bermuda to continue to be recognized as the prime technology offshore
jurisdiction and centre for business technology excellence.
