41 st Parameter Leverages ‘Crowd Sourcing’ to Fight CNP Fraud
March 25, 2013
San Jose, Calif.-based antifraud solutions provider 41st Parameter has launched a crowd-sourced network that enables merchants to approve more online transactions. The company said its TrustInsight Network relies on patent-pending technology to synthesize data from network participants to generate a TrustScore for a consumer. So, even if a merchant has never seen a customer before, it has an idea of how trustworthy he or she is.
“We have more than nine years of experience in building industry-leading device recognition technology to detect fraud,” said Ori Eisen, founder and chief innovation officer of 41st Parameter. “Now we are leveraging that work, and insights from a growing network of merchants and banks, to salvage billions of dollars of unnecessarily declined transactions. The potential to increase top line revenues is substantial. Sales go up, customers are happier and the cost of investigating and handling suspect transactions is decreased dramatically.”