XOR Data Exchange Combats Fraud For Online Retailers

Read about XOR Data Exchange in this story in PYMNTS:

The need for online retailers and brands to be vigilant in the face of fraud becomes more pressing by the day — but additional authentication measures can create friction on the consumer’s end, which has a nasty habit of reducing conversion rates.

The trouble is, the global implementation of EMV authentication has led to a major uptick in instances of card-not-present (CNP) fraud in the eCommerce space. Fueled by account takeovers facilitated by major data breaches, reports suggest that one out of every 86 CNP transactions today is deemed fraudulent, said Greg Bonin, COO of data-as-a-service company XOR Data Exchange.

For its part, XOR recently released a preventative, data-driven resource to enable online retailers to combat CNP fraud and account takeover attempts on the back-end. The platform, called Compromised Identity Exchange Basic (CIEB), allows online retailers to identify account takeover attempts by providing theft risk insight on the level of the individual consumer.

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