NEW YORK, Jan. 20, 2016 /PRNewswire/ -- In late 2013, Shaya Posner, VP of Operations at an online electronics company, was frustrated. Sales were on track to reach over $10 million, but he was having trouble with an increase in fraudulent transactions that were eating away at profits. He calculated his fraud to be 2-3% of all transactions (over $250k).
Shaya looked at existing solutions on the market that could complement the basic fraud protection that his gateway offered. While there were several options to choose from, each had its downside: some were simply not effective, some required extensive manual review which did not save him as much money as he wanted due to increased personnel expenses, others offered insurance against fraudulent transactions but those would lead to an increase in false positives by blocking legitimate transactions, and all were extremely expensive.
Wanting an effective, affordable solution that required no merchant intervention at all, Shaya partnered with Isaac Gurary, a successful entrepreneur, and NoFraud was born. It is the first all-in-one fraud prevention system of its kind, a fraud eliminator that uses more than 1,000 data points to consider if a transaction is fraudulent or legitimate. The proprietary and dynamic technology and databases reduce fraudulent transactions to 0.01% and NoFraud uses Live Cardholder Verification when a transaction is in doubt. No merchant fraud expertise is needed, easing the merchants' headache and allowing them to focus on building their business, rather than constantly fighting off fraudsters. Integration is very simple; set-up takes only 10 minutes.
"I have always been on the forefront of battling fraud," says Ezzie Schaffran, former VP of Operations & Risk Management at Worthy.com, an Israeli startup focusing on the 30-billion-dollar high-end luxury goods resale market and Ice.com, and currently at Certified Watch Store. "NoFraud is by far the most revolutionary fraud prevention platform I have seen in a long time. Integration was quick and the results speak for themselves. I actually haven't had a single CNP fraudulent transaction since we started using NoFraud. This has allowed me to focus on growing my business instead of wasting resources trying to outmaneuver the fraudsters."
NoFraud is out of beta testing and is now live, working with merchants on fighting fraud. Due to the new 2016 EMV chip requirements for brick and mortar stores, online fraud is expected to encompass a larger share of all fraud; it currently stands at 45% of all card fraud. NoFraud has launched at a most opportune time.
NoFraud, based in New York, NY, provides e-commerce merchants with the #1 most effective eCommerce card-not-present fraud protection (CNP), virtually eliminating card-not-present (CNP) fraud, false positives, and chargebacks after 10 minutes of set up. See an immediate impact on your bottom line, without manual review or training. No Fraud is the price-performance leader, with no quotas, lengthy contracts, or start-up fees. No Fraud's team of industry experts constantly updates the system using the latest technology to meet emerging threats. It is the only commercially available service that contacts cardholders directly to verify purchases, ensuring that businesses don't deny legitimate customers. Visit www.nofraud.com for more information.
Mark Gottlieb at
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/disruptive-tech-startup-introduces-platform-that-reduces-online-transaction-fraud-rate-to-001-300206996.html