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Getting in Front of E-commerce Fraud
As an e-commerce, subscription-based service for collectors and dealers looking to value and price art, antiques and collectibles, WorthPoint has a substantial database of 100 million items. The company saw authorization requests spiking up to 30,000 per day and discovered the increase was caused by fraudulent card testers flooding its approval process.
WorthPoint sought a solution to effectively identify legitimate subscribers and selected Worldpay from FIS’ FraudSight solution. The results were evident quickly: Fraudulent approvals were eliminated, increasing legitimate approval rates and minimizing false positives.
At a Glance
OBJECTIVESwiftly and effectively eliminate fraud without negatively impacting revenue.
RESULTSWorthPoint can decline fraudulent transactions before they go to the credit card company for approval, keeping ratings strong and avoiding fees. Fraudsight is so effective, card testers become quickly discouraged and go elsewhere. This became especially important during the initial outbreak of COVID-19 when card testing increased.
FraudSight has empowered WorthPoint to get in front of fraud, maintain strong ratings with their card company partners and focus on the fast-paced and fast-growing business of connecting art collectors and dealers.
Worldpay is able to help us make rules to decline fraudulent transactions before we send them to the credit card company for approval, so our ratings with the credit card companies don’t change at all. Second thing is that it’s cheaper for us to allow Worldpay to decline those than it is for the credit card company. And finally, it makes it so difficult on the card tester to continually hit the site that they end up going somewhere else.”