Convergence Offers Payment Processors and Merchants a New Solution to Defeat Credit Card Fraud.

March 19, 2004--Lockvox Technologies has introduced a new paradigm in credit card transaction validation. Their system is based on two authentication principles: Comparative data analysis and Biometric warehousing.

The system makes a verification phone call to the client when a credit card transaction is requested. The automated call questions the client as to the validity of the current transaction and then gathers and stores that information in a database. The information is parsed and weighted in accordance with a pre-set risk threshold controlled set by the merchant or processor. The transaction can then be stopped from proceeding, or verified as low risk.

Chargebacks have presented a unique and difficult problem for internet merchants. Fraudulent chargebacks are a distraction from merchant's core business, limiting marketing initiatives and diverting valuable resources from legitimate customers. Chargebacks result in increased customer churn, lost revenue opportunities and increased operating costs.

The Lockvox system negates chargebacks. To date a merchant proving a chargeback to be false has been virtually impossible due to current transaction paradigms. Lockvox has made illegitimate chargebacks almost impossible with its new validation and authentication technology. Processors and merchants will have a recording of the clients own voice speaking from their own land line telephone agreeing to the transaction.

The system's open platform integrates seamlessly with existing e-commerce architectures and works behind the scenes without interfering with the customers' buying experience.

This solution is ideal for merchants, payment processors, transaction aggregators and IPSP's who process high volume or high risk card transactions.

Lockvox is offering a demonstration of the system from their website at http://www.lockvox.com





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