With the demise of the Cheque and reduction in Credit Card fraud through the use of Chip & Pin, payment fraudsters have turned their attention to automated payments and in particular direct debit fraud.
According to the UK trade association for payments, APACS, 2% of direct debits and direct credits, equivalent to 111 million transactions, fail each year. The cost of resolving failed direct debit payments is estimated to be as much as £35 per transaction or £3bn annually.
VALIDATE will mitigate your organisation's risk to payment fraud and specifically Direct Debit Fraud or automated payments by:
- Identifying the prospective client
- Validating the bank details (account number, sortcode)
- Validating the correct credit card details
- Validating the correct residency and address details
The validation of critical payment data at point of entry ensures that your organisation achieves essential business benefits and brings critical value-add to your business process by:
- Minimising payment rejections
- Reducing misapplied payments
- Removing the cost of data repair
- Increasing straight through processing (STP)
- Significantly improving customer services
The arrival of the Single European Payment Area (SEPA) since January 2008 and more recently in the UK, the launch of UK Faster Payments means payment security is vital as payments systems will increasingly be targeted by fraudsters.
| See Also | |
| Validate API Rapidly Build sophisticated payment and ID validation into your own business applications. |
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| Validate ID Real-time Identity Checking for validating Direct Debit payments and HR departments. |
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| Payment Solutions Our range of Validate compatible payment systems. |
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For more information, please contact:
Phone: 01462 482 333
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