FutureBazaar Chooses CyberSource to Fight Online Fraud
CyberSource Ltd., the UK-based CyberSource subsidiary, today announced that its Decision Manager anti-fraud solution has been selected by FutureBazaar India Ltd, the online shopping portal of Pantaloon Retail, one of India's largest retailers.
Tweet-- CyberSource Ltd., the UK-based CyberSource subsidiary, today announced that its Decision Manager anti-fraud solution has been selected by FutureBazaar India Ltd, the online shopping portal of Pantaloon Retail, one of India’s largest retailers. Using Decision Manager, FutureBazaar 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.
Virendra Chhatbar, chief finance officer at FutureBazaar, said, “As eCommerce continues its rapid growth in India, retailers large and small must be increasingly vigilant to the threat of fraud. CyberSource’s proven risk management solution gives us that greater level of intelligence. CyberSource has considerable experience working in the Indian online environment, a factor that strongly influenced our decision.”
Indian B2C eCommerce sales are expected to grow 195% between 2008 and 2011 (eMarketer, “Asia-Pacific B2C E-Commerce”, January 2008). FutureBazaar’s group company, Pantaloon Retail, has over 1,000 stores across 61 cities in India and employs over 30,000 people. FutureBazaar (http://www.futurebazaar.com/) offers India’s widest range of home products online including toys, clothing, books, consumer electronics, and larger items such as kitchen appliances.
How Decision Manager works
Decision Manager’s fraud evaluations, drawn from over 150 order validation tests, take place within seconds and are based on business rules determined by FutureBazaar. The rules can be updated at any time through an easy-to-use online interface. This flexibility enables FutureBazaar to continually adapt its fraud screening strategies to changing marketplace realities. Decision Manager includes sophisticated case management systems and process analytics to help further address the accuracy and efficiency of the fraud management process. For more information on CyberSource’s Decision Manager, see: http://www.cybersource.co.uk/products_services/risk_management/.
Dr. Akif Khan, head of U.K. client and technical services at 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. We believe our experience working in India allows us to more effectively recommend screening practices to optimise online performance in that region. We are building on our work with companies like FutureBazaar to deliver the highest standards of payment and risk management throughout Asia.”
Notes to Editor
About CyberSource Ltd.
CyberSource Ltd. is the UK-based wholly-owned subsidiary of CyberSource Corporation (NASDAQ: CYBS), a leading provider of electronic payment and risk management solutions. CyberSource solutions enable electronic payment processing for web, call centre, and point-of-sale environments. CyberSource also offers industry leading risk management solutions for merchants accepting card-not-present transactions. CyberSource Professional Services designs, integrates, and optimises commerce transaction processing systems. Over 245,000 businesses use CyberSource solutions, including half the companies comprising the Dow Jones Industrial Average. The company is headquartered in Mountain View, California, and has sales and service offices in Japan, the United Kingdom, and other locations in the United States including Bellevue, Washington and American Fork, Utah. For more information, please visit the CyberSource Ltd web site at http://www.cybersource.co.uk/ or email uk@cybersource.com.
About FutureBazaar
FutureBazaar is India's largest online retailing portal. It is operated by FutureBazaar India Ltd., a Future Group Company. FutureBazaar offers a wide selection of apparel, books, cameras, consumer electronics, consumer durables, mobile phones, home décor, home entertainment, kitchen appliances, toys, games, watches and accessories. The company’s products come with a 15-day unconditional return warranty and a 7-day delivery guarantee. It delivers to more than 1,500 Indian cities and towns.