CyberSource, a Visa company (NYSE: V), and one of the world’s largest providers of eCommerce payment management services, has announced that it is working with DX.com, a popular online store based in China, to strengthen its fraud management capabilities for online payments. Leveraging the world’s largest fraud detection radar with CyberSource’sDecision Manager, DX has been able to prevent significant revenue loss from fraud.
According to a recent study, China’s online sales are expected to grow from US$420 billion to US$650 billion annually by 20201, which is likely to make the country the world’s largest online retail market. At the end of 2012, China’s internet population reached 564 million, of which, 242 million had made online purchases2. In China’s fast-growing domestic eCommerce market, even a small reduction in fraud or increased conversion translates to meaningful revenue capture and higher profitability.
DX has a diverse product portfolio featuring over 200,000 consumer products and a global customer base. The online store accepts a variety of payment types, including digital wallets. DX needed to enhance its visibility in identifying potentially fraudulent transactions during the screening process, even when it had no direct access to card information from third-party digital wallet transactions. CyberSource’s Decision Manager provides DX with the ability to detect fraud quickly and more accurately, while offering the flexibility to customize decision rules via a rule management console with access to over 260 global validation tests and services.
“We are constantly developing our services and making online purchases more secure and accessible to customers worldwide. With a growing base of global customers, the ability to streamline the detection, prevention, and management of online payment fraud is of prime importance for us. After integrating CyberSource’s fraud management solution, we have seen significant savings on previous fraud losses, which gives us confidence to grow our business further,” said Leslie Tan, Chief Operating Officer, DX.com.
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CyberSource’s Decision Manager features the world’s largest fraud detection radar, which empowers its partners to pinpoint fraud faster, more accurately, and with less manual intervention. This advance enables merchants to conduct more accurate analyses of their inbound orders, including comparison of those orders to the over 60 billion transactions Visa and CyberSource process annually. Data insights are derived from transactions across multiple payment types and from merchants worldwide, spanning online, call center, mobile, and point of (POS) sales channels. The transaction data is supplemented by 260 validation and correlation tests. This solution effectively expands the depth and breadth of transaction pattern visibility.
“At CyberSource, we strive to enable merchants to reach more customers faster and protect and capture more revenue, while reducing the complexity of business expansion. We are happy to work with DX to design and implement a solution tailored to meet its business goals,” said Poon Khye Wei, Regional Director, Greater China & Korea, CyberSource.
1McKinsey & Company, China’s e-tail evolution, March 2013
2Government report – China Internet Network Information Center (CNNIC), January 2013
CyberSource, a wholly-owned subsidiary of Visa Inc., is a payment management company. Over 400,000 businesses worldwide use CyberSource and Authorize.Net brand solutions to process online payments, streamline fraud management, and simplify payment security. The company is headquartered in Foster City, CA and maintains offices throughout the world, with regional headquarters in Singapore, Tokyo, Miami/Sao Paulo and Reading, U.K. CyberSource operates in Europe under agreement with Visa Europe. For more information, please visit: http://www.cybersource.com/asiapacific.
DX.com (previously known as DealExtreme.com) is the next generation online shopping center. Founded in 2006, the portal has over 200,000 products of all types, from the world’s smallest Bluetooth adaptor to big model airplanes. DX has made every endeavor to find the most attractive and amazing products for its customers all over the world. For more information, please visit: www.dx.com