SOTpay Telephone Payments / IVR

CNP MOTO FRAUD PREVENTION SOLUTION

An affordable PCI DSS compliant solution which negates CNP MOTO fraud, increasing transaction acceptance whilst reducing costs.

Vendor: SOTpay


Benefits

PCI DSS Compliance

SOTpay patented software application allows businesses to securely take assisted/attended CNP payments over the telephone. SOTpay removes data from the sales environment and allows the consumer to safely input their details without disclosing sensitive card information to the telephone agent, thus providing a PCI DSS compliant solution. The Payment Card Industry Data Security Standards (PCI DSS) is a set of requirements for enhancing payment account data security and is a contractual obligation, generally between a merchant and their acquiring bank and applies to ALL entities that store, process and/or transmit payment card data irrespective of the volume of payments processed. The requirements apply to all acceptance channels including retail (brick-and-mortar), mail/telephone order (MOTO)and e-commerce. What are the penalties for non compliance? If you do not comply with the security requirements of the card associations, you put your business at risk of compromising sensitive data. You will also be liable for the cost of the required forensic investigations, fraudulent purchases, and the cost of re-issuing compromised cards. You may also lose your payment card acceptance privileges. And the penalties for a data breach? Data breaches are known by varying names. Visa refer to them as Account Data Compromise (ADC) whereas Mastercard call them Operational Reimbursement (OR) and Fraud Reimbursement (FR). Penalties vary by card schemes and by the state of compliance at the point of breach. Visa Europe state that for each ADC a penalty of 3000€ will apply, which could be followed by a PFI (PCI Forensic Investigation) for Level 1-3 merchants, or for Level 4 merchants who process more than 10,000 Visa cards. Each card then deemed at risk (PAN and CVV2 details) would carry a penalty of 18€ per card.

SOTpay patented software application allows businesses to securely take assisted/attended CNP payments over the telephone. SOTpay removes data from the sales environment and allows the consumer to safely input their details without disclosing sensitive card information to the telephone agent, thus providing a PCI DSS compliant solution. The Payment Card Industry Data Security Standards (PCI DSS) is a set of requirements for enhancing payment account data security and is a contractual obligation, generally between a merchant and their acquiring bank and applies to ALL entities that store, process and/or transmit payment card data irrespective of the volume of payments processed. The requirements apply to all acceptance channels including retail (brick-and-mortar), mail/telephone order (MOTO)and e-commerce. What are the penalties for non compliance? If you do not comply with the security requirements of the card associations, you put your business at risk of compromising sensitive data. You will also be liable for the cost of the required forensic investigations, fraudulent purchases, and the cost of re-issuing compromised cards. You may also lose your payment card acceptance privileges. And the penalties for a data breach? Data breaches are known by varying names. Visa refer to them as Account Data Compromise (ADC) whereas Mastercard call them Operational Reimbursement (OR) and Fraud Reimbursement (FR). Penalties vary by card schemes and by the state of compliance at the point of breach. Visa Europe state that for each ADC a penalty of 3000€ will apply, which could be followed by a PFI (PCI Forensic Investigation) for Level 1-3 merchants, or for Level 4 merchants who process more than 10,000 Visa cards. Each card then deemed at risk (PAN and CVV2 details) would carry a penalty of 18€ per card. show less

Negate CNP MOTO Fraud

In the UK, £768.8m was lost in fraudulent transactions in 2016, an increase of 2% on the previous year, with 80% (£618m) coming through compromised payment cards. More than 1.85 million incidents of financial fraud occurred in 2016 according to official figures released by Financial Fraud Action UK, representing a 22% increase compared to the same period last year. CNP fraud, case volume rose by 20% in 2016. CNP transactions are where the card and cardholder are not present at the point-of-sale. SOTpay is designed for businesses who process CNP MOTO transactions. The system allows businesses to securely receive telephone payments by eliminating the risk of fraud by verifying the identity of the customer over the telephone. SOTpay doesn't just negate fraud, it also moves liability away from the business. A SOTpay payment converts a CNP MOTO transaction into an e-commerce solution meaning that the business can deliver to a third party address, whilst the bank takes accountability.

In the UK, £768.8m was lost in fraudulent transactions in 2016, an increase of 2% on the previous year, with 80% (£618m) coming through compromised payment cards. More than 1.85 million incidents of financial fraud occurred in 2016 according to official figures released by Financial Fraud Action UK, representing a 22% increase compared to the same period last year. CNP fraud, case volume rose by 20% in 2016. CNP transactions are where the card and cardholder are not present at the point-of-sale. SOTpay is designed for businesses who process CNP MOTO transactions. The system allows businesses to securely receive telephone payments by eliminating the risk of fraud by verifying the identity of the customer over the telephone. SOTpay doesn't just negate fraud, it also moves liability away from the business. A SOTpay payment converts a CNP MOTO transaction into an e-commerce solution meaning that the business can deliver to a third party address, whilst the bank takes accountability. show less

Secure Alternate Deliveries

A SOTpay payment converts a CNP MOTO transaction into an secure e-commerce solution meaning that the business can deliver to a third party address, whilst the bank takes accountability. Most businesses will ask for a card holder's address and a delivery address. The card holder's address will normally be sent to a payment processor and two main checks are carried out. Firstly, does the 3-digit security code match (CV2) and secondly, is the card holder's address correct or partially correct (AVS)? In the case where the delivery address is different to the card holder's address, regardless of the security code matching or card holder's address passing, and regardless of whether the delivery is signed for, as a merchant you are NOT covered by the banks, should the transaction be challenged as fraudulent. Most businesses will take this principle forward and ONLY ship to the card holder’s address and only when the correct security code is provided with a matching address, as this diminishes the risk of fraud, albeit not 'friendly' fraud. However, before considering this approach, it should be noted that a lot of genuine orders may be lost, as customers are at work and do not want the hassle of rearranging missed deliveries.

A SOTpay payment converts a CNP MOTO transaction into an secure e-commerce solution meaning that the business can deliver to a third party address, whilst the bank takes accountability. Most businesses will ask for a card holder's address and a delivery address. The card holder's address will normally be sent to a payment processor and two main checks are carried out. Firstly, does the 3-digit security code match (CV2) and secondly, is the card holder's address correct or partially correct (AVS)? In the case where the delivery address is different to the card holder's address, regardless of the security code matching or card holder's address passing, and regardless of whether the delivery is signed for, as a merchant you are NOT covered by the banks, should the transaction be challenged as fraudulent. Most businesses will take this principle forward and ONLY ship to the card holder’s address and only when the correct security code is provided with a matching address, as this diminishes the risk of fraud, albeit not 'friendly' fraud. However, before considering this approach, it should be noted that a lot of genuine orders may be lost, as customers are at work and do not want the hassle of rearranging missed deliveries. show less

Protect your brand reputation

SOTpay means your business does not handle or store sensitive card information within its CNP MOTO environment. A data breach is a PR and financial disaster, as the negative publicity leads to consumers losing confidence in your brand. Industry research has shown that 86% of people would be hesitant to do business with a company that had suffered a security breach. This results in falling sales and share prices. A recent study suggested that 70% of people that suffered a data breach would tell their close friends and relatives, and 40% would tell everybody they knew. The reach of negative publicity could extend far further than your customer alone. With 59% of consumers stating that they would feel more confident sharing card details if the call centre agent couldn’t hear or see their card details, an affordable software solution adds instant value.

SOTpay means your business does not handle or store sensitive card information within its CNP MOTO environment. A data breach is a PR and financial disaster, as the negative publicity leads to consumers losing confidence in your brand. Industry research has shown that 86% of people would be hesitant to do business with a company that had suffered a security breach. This results in falling sales and share prices. A recent study suggested that 70% of people that suffered a data breach would tell their close friends and relatives, and 40% would tell everybody they knew. The reach of negative publicity could extend far further than your customer alone. With 59% of consumers stating that they would feel more confident sharing card details if the call centre agent couldn’t hear or see their card details, an affordable software solution adds instant value. show less

Affordable and quick to deploy

As SOTpay is purely software, it does not require ANY connection to (or integration with) your current telephony solution, reducing expensive installation charges found with IVR (interactive voice recognition) and DTMF (dual tone multi frequencies) alternatives. With no additional hardware requirements, SOTpay can shift expenditure from capital expense (capex) to operational expense (opex) to free up cashflow and can be deployed within a matter of days. It also means that you have a handy solution for disaster recovery plans.

As SOTpay is purely software, it does not require ANY connection to (or integration with) your current telephony solution, reducing expensive installation charges found with IVR (interactive voice recognition) and DTMF (dual tone multi frequencies) alternatives. With no additional hardware requirements, SOTpay can shift expenditure from capital expense (capex) to operational expense (opex) to free up cashflow and can be deployed within a matter of days. It also means that you have a handy solution for disaster recovery plans. show less

Customers love it!

SOTpay offers numerous benefits to the customer, by increasing transaction security, acting as a deterrent to potential fraudsters. In our experience, consumers do not like disclosing their card numbers to a stranger over the telephone. What is stopping the employee from writing your card details down and putting them in his/her pocket to use fraudulently in the future? If the call is being recorded, who has access to the recordings? SOTpay allows customers to manually input their card information in a secure environment, as opposed to reading out their sensitive data over the telephone, eliminating the risk of card details being stolen by rogue employees. As the customer is in control of the transaction, they can also dictate where they would like it delivering to, rather than just their 'cardholders registered address'.

SOTpay offers numerous benefits to the customer, by increasing transaction security, acting as a deterrent to potential fraudsters. In our experience, consumers do not like disclosing their card numbers to a stranger over the telephone. What is stopping the employee from writing your card details down and putting them in his/her pocket to use fraudulently in the future? If the call is being recorded, who has access to the recordings? SOTpay allows customers to manually input their card information in a secure environment, as opposed to reading out their sensitive data over the telephone, eliminating the risk of card details being stolen by rogue employees. As the customer is in control of the transaction, they can also dictate where they would like it delivering to, rather than just their 'cardholders registered address'. show less

Reporting Suite

SOTpay even allows you as the business or contact centre manager access to a multitude of handy reports to enable you to see whether transactions have been completed, how they were paid and which agents are performing. This module also allows you to monitor how long transactions took and whether the payment was completed via SMS or email.

SOTpay even allows you as the business or contact centre manager access to a multitude of handy reports to enable you to see whether transactions have been completed, how they were paid and which agents are performing. This module also allows you to monitor how long transactions took and whether the payment was completed via SMS or email. show less

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