SCOTTSDALE, Ariz.,
Nov. 17 /PRNewswire/ -- 41st Parameter(R) Inc., the
leading provider of Internet fraud intervention and detection services and
technology, today announced Mercadotecnia Ideas y Tecnologia (MITec),
Mexico's
premier airline and travel industry payment processor, has expanded its
business to offer dedicated fraud prevention screening services to its
clients. Through the deployment of 41st Parameter's comprehensive fraud
detection and transaction monitoring application, FraudNet, MITec has built a
Payment Solutions Division which includes a complete Fraud Prevention
Management offering.
As a leading transactional gateway in Mexico, MITec sought to enhance its
current specialized transactional services, particularly within airline and
travel industry clientele. With the rapid increase of consumers seeking to
purchase airline reservations and associated travel services online, MITec
recognized fraud detection and prevention would be an important growth area.
No other provider in the country offers a comprehensive solution to battle the
ongoing problems associated with fraudulent reservation purchasing activities.
Prior to FraudNet, MITec relied exclusively on Address Verification to
analyze several hundred thousand card not present transactions per year for
potentially fraudulent reservations. Since implementing FraudNet, MITec has
established a new, fully-functioning fraud prevention management group
requiring a staff of only seven full-time fraud investigators. By
substantially reducing the number of reservations requiring scrutiny, FraudNet
enables the team to cut existing customer's fraud while expanding capacity to
accommodate their growing customer base.
"Our team of investigators was pleased as they worked with clients
affected by serious fraud problems, and noticed that within the very first
days of utilizing FraudNet, we were able to identify a great amount of high
risk orders which are now rapidly decreasing," said Gabriel Gomez, director of
fraud prevention for MITec. "For us, this confirms that fraudsters migrate
from sites that they perceive as protected, to others in which their fraud
attempts prosper. As soon as FraudNet began detecting fraudulent orders and
they were not processed, we found a drastic reduction in fraudulent activity
as the fraudsters seemingly moved away from our customer sites."
MITec's airline and travel industry clients have reported notable results
including a 46% reduction in chargebacks within the first six months of
implementation at one airline. Another airline client confirmed attempted
fraudulent activities dropped by 60% in its first month utilizing MITec's
FraudNet powered service. Both airlines have lowered their fraudulent
transaction attempts and review rates to well below industry standards. With
FraudNet, MITec additionally pinpointed a major fraud ring comprised of
organized criminals most wanted in Mexico for online fraud.
"With the global consumer's rapid migration to the online channel for
purchasing airline reservations and other travel related services, 41st
Parameter technology enables organizations like MITec to provide their clients
the highest level of confidence in the legitimacy of reservations they are
accepting online," said Ori Eisen, founder and chief innovation officer at
41st Parameter. "We are extremely pleased MITec has benefited so greatly
utilizing our technology, expanding their business while reducing fraud for
their airline and travel industry clients."
About Mercadotecnia Ideas y Tecnologia
As an innovator in the electronic payments and processing space, MITec
offers capable and interactive solutions for both the physical and virtual
sales channels. Based in Mexico City, MITec is a privately owned company that
processes close to 1,400,000 transactions per month, serving clients in the
cable, insurance, retail and airline industries.
MITec is a leading transactional gateway in Mexico. The company provides
specialized transactional services, from banks to retailers and
inter-institutions, making a smooth technological connection between them
allowing better payment solutions, customer services, information exchange and
value added services based on marketing focus, client oriented philosophy and
the best available technology.
About 41st Parameter
41st Parameter is the leader in fraud intervention, providing proven
solutions to protect company brands and customers, reduce fraud losses and
make the Internet a safer place to conduct business. Through a combination of
risk management and loss prevention experience, and leading technology coupled
with human interaction and best practices, 41st Parameter's solutions provide
an unprecedented level of detection capability, decreasing the anonymity of
the Internet and providing valuable insight to every online transaction and
customer interaction. 41st Parameter makes the process of detecting and
preventing fraud easier and more effective, reducing both expenses and
potential losses. For more information, visit http://www.the41st.com.
All trademarks are the property of their respective owners
Contact:
Dave Yohe Tim Whitman/Tara Mulloy
41st Parameter Schwartz Communications
480.776.5518 781.684.0770
dyohe@the41.com 41st@schwartz-pr.com
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