Leading card company American Express has chosen payment service provider Computop to offer and integrate their fraud prevention solution SafeKey.
The partnership between AmEx and Computop will allow supporting retailers and merchants to expand their fraud prevention system. AmEx cardholders interested in paying with SafeKey will be given a one-time valid authentication pin code which will be sent either by email or SMS text message.
The solution does not only benefit American Express cardholders. In the event of a dispute against a SafeKey protected transaction, merchants are not found responsible and are not at risk of receiving a chargeback.
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The solution puts American Express more on par with MasterCard and Visa with their MasterCard-SecureCode and Verify by Visa fraud prevention solutions. With the imminent arrival of EMV chip-and pin equipped cards to the US, fraud in online payments is expected to rise dramatically. The solution can help prevent any unauthorized charges on the cardholder’s end as well as protect merchants from any friendly fraudulent disputes.
Computop’s global solutions, in addition to SafeKey also include POS terminals, mobile support, and MOTO (Mail Order and Telephone Order). Computop processes an average of over $9 million per year and supports over 2,800 merchants spanning over the retail, travel and gaming industries.