eFunds RAPIDReviewer Helps Online Retailers Reduce Costs

The new eFunds RAPIDReviewer(TM) software is the first commercially available solution to automate the back-office manual order review process, enabling companies to review more online transactions in less time with greater accuracy and making the Internet a more profitable sales channel.

According to the Mercator Advisory Group, until now, technology has not been leveraged in the back office to automate, simplify and speed up the review of suspicious transactions. Merchants have been left on their own to develop review processes, utilizing applications not designed for fraud prevention.

"Fraudsters leverage technology to use stolen credit cards to make purchases on the Internet and the time has come for Internet retailers to fully leverage technology to stop them," said Mike Friedman, Director, Emerging Technologies Advisory Service at Mercator Advisory Group. "The RAPIDReviewer platform was designed by a former e-Commerce fraud prevention specialist and is the only solution available to Internet retailers that automates the entire order review process."

Internet retailers currently leverage decisioning technology for front-end order screening, which helps to identify legitimate orders and blatant fraud attempts. These front-end screening applications, such as eFunds' FraudShield, provide merchants with a recommendation to accept, reject or subject an order to further review. Most Internet retailers currently review 10 to 25 percent or more of orders booked on their websites and the number of orders requiring manual review will continue to increase as online purchases increase.

With eFunds RAPIDReviewer, companies can dramatically increase the number of orders reviewed with fewer resources and fewer mistakes. Making reviewers more efficient and accurate in the back office means Internet retailers can quickly fulfill more legitimate orders without risk of fraud losses, and significantly reduce the number of suspicious orders they simply reject or accept without adequate review.

Without an efficient manual review, legitimate orders are often rejected and fraudulent orders are accepted, resulting in lost profits, increased operating costs and poor customer relations. Inefficient order review processes often cause Internet retailers to limit their web store offerings for fear of fraud and allow fraudsters to succeed with their use of stolen credit cards.

"RAPIDReviewer fills a void in the current market for online fraud solutions, giving Internet retailers a workflow platform to conduct suspicious order review that is tailored to fraud prevention and the processes typically followed by a fraud review agent," said Michael Long, Director of Fraud Solutions for eFunds.