Regardless of whether it happens via acquisition, merger, or partnership, companies of all shapes and sizes in the digital space are taking bold and sometimes drastic steps to shore up their fight against fraud and the number one deterrent to eCommerce engagement in the U.S. today – the mere threat or heightened prospect of online fraud.
In recent months, Daily Deal Media has covered many of the significant efforts being taken by companies to combat consumer fraud, identity theft, and the growing trend of “friendly fraud.”
And while the headlines still reflect unfortunate instances of all the above, a substantially larger number of reports reflect the extent to which many eCommerce and mobile payments companies have gone to eliminate the illegal antics of savvy hackers, cyber criminals, and less than honorable online shoppers.
SignatureLink Inks a Big Deal
This week, SignatureLink – a decade old company that provides secure electronic signature solutions to merchant customers – inked a much talked about deal with Magento, the venerable name behind an eCommerce platform that serves well over 110,000 merchants around the globe.
According to the announced details of the new partnership, SignatureLink is bringing its anti-fraud technology to Magento’s eCommerce system in a move that seems as fitting as it does natural.
“The partnership allows SignatureLink to integrate its CNPS online signature pad and preemptive fraud technology as an extension within Magento’s eCommerce platform,” the companies announced Tuesday.
The CNPS online signature pad and Magento extension will be unveiled at Magento’s 2012 Imagine eCommerce worldwide conference in Las Vegas, which kicks off April 23rd.
Helping to ease the minds of their apprehensive and always cautious clients, Magento says this extension of service through the SignatureLink solution will give all 110,000 Magento merchants the ability to address “100 percent of online payment fraud.”
According to SignatureLink, the CNPS online signature pad is unique for being the only eCommerce solution to address so-called “friendly fraud.”
“Up to 30 percent of online fraud is friendly fraud and written off as the cost of doing business,” SignatureLink says. To reduce this costly reality, a signature field will be added to a merchant’s checkout page. Customers then virtually sign the page via mouse cursor. SignatureLink says the signature is legally binding and will help slash instances of fraud.
“We are very pleased to offer Magento merchants the same ability to prevent and deter friendly fraud as brick and mortar retailers have,” says SignatureLink CEO Greg Wooten. “In the history of mankind, the most dominant building block of commerce has always been the human handwritten signature. The Magento CNPS Extension coupled with the integrated ThreatMetrix cutting-edge multi-channel Cybercrime Defender Platform provides the entire online Magento payment community the ability to fight 100 percent of online fraud.”