PHOENIX - Checkgateway, a provider of electronic payment services, announced in a news release the introduction of FraudChek, Checkgateway's fraud-scrubbing software. Fraud scrubbing software allows financial institutions to examine transactions in real time against a number of criteria to ascertain validity.
Higher risk parties are assigned a higher fraud score, so fraud scrubbing software uses formulas to estimate risk for each transaction. The aim is to provide valid, secure credit card transactions, and protection against all types of fraud.
FraudChek works by accessing credit bureau information via Experian's data networks to verify a customer's name, address, telephone number, Social Security number and driver's license. The information is then cross-matched with Experian's data.
"We are one of the few processors that use Experian linked to the credit card processing," says John Kirchhefer, Checkgateway's president. "By using this powerful authentication solution, we provide merchants with the most secure environment for transaction processing, especially in non face-to-face interactions."
