August 24, 2016
Elavon to Sell 41st Parameter Antifraud Solution to Merchants
Oct. 18, 2012
Atlanta-based processor Elavon today revealed it has partnered with antifraud solutions provider 41 st Parameter to offer a comprehensive fraud-fighting platform to its more than 1 million merchants around the world. Elavon, a wholly owned subsidiary of Minneapolis-based U.S. Bancorp, will offer its clients 41 st Parameter’s FraudNet, which the company’s CEO said effectively prevents fraud while delivering the lowest false positive rate in the industry, enabling merchants to maximize sales.
“We only stop transactions that are extremely likely to be bad,” Alan Naumann, CEO of 41 st Parameter, told CardNotPresent.com. “We catch fraudulent transactions with miminum cost and minimum disruption to customers in a very sound way.”
The companies came to each other’s attention through their respective work for the airline industry, Naumann noted.
“They’re the number one payment processor in the airline business, which is heavily CNP-based,” he said. “Elavon has seen a bunch of different fraud prevention vendors within the airlines they service. One of the reasons they chose us was they saw a significantly higher rate of catching fraud and reduced chargebacks among airlines using the 41 st Parameter fraud prevention tool.”
Naumann said Elavon merchants can employ 41 st Parameter’s solution as part of a larger service offering.
“A merchant can have our technology that’s making them safe and then work with Elavon on both chargeback analytics and fraud investigation.”