41st Parameter Teams With Horus Fraud Prevention Solutions to Establish Local Presence in South America

 

Foremost Brazilian Payments Fraud Consultancy Expands Practice Offerings for e-Commerce, Travel Services, and Financial Services

Scottsdale, Ariz. August 10, 2010 (AllPayNews) — 41st Parameter Inc., the leading provider of person-not-present cross-channel fraud prevention solutions, today announced it has signed Sao Paulo-based Horus Fraud Prevention as the exclusive reseller of 41st Parameter’s FraudNet suite of solutions for Brazil with the right to also market and deploy 41st products throughout South America. Horus is the only firm in Brazil specializing in fraud prevention services and products that span the fraud lifecycle continuum from breach detection and diagnosis to mitigation and risk management. Under terms of the agreement Horus will provide local language sales, support, and training services and also localize the FraudNet products for Portuguese and Spanish languages. The partnership will be publically launched later this month in Sao Paolo at the Congresso de Cartões e Crédito ao Consumidor (Cards and Consumer Credit Congress) 31 August – 3 September, where both companies will make presentations. 

Online commerce in Latin America is expected to reach US$34 Billion by the end of 2011, led by continued expected strong growth in Brazil which experienced 170 percent growth in online spending between 2007 and 2009. With fraud rates typically costing enterprises between 1% and 5% of revenue, effective strategies to neutralize fraud attacks can have material positive impact on the bottom-line performance of online businesses. Specializing in online fraud investigation and prevention for all aspects of electronic payments, Horus Prevention’s customer base is already well represented across the industries most frequently targeted by organized crime rings including travel, financial services and e-commerce. With a consultant team comprised of some of the most experienced fraud practitioners in South America, Horus has implemented solutions that protect some of the most recognized brands in the region including Avianca (Ocean Air), Buscapé, and IBI. 

FraudNet, 41st Parameter’s suite of tagless fraud detection and prevention solutions has proven uniquely effective at detecting fraud ring activity and stopping multiple forms of online and offline theft including account takeover, bust-outs and transaction fraud. 41st Parameter customers report some of the lowest chargeback rates in the industry while also enjoying review rates as low as 1%. Uniquely effective at invisibly defending all access points for remote fraud - web, mobile, call centers (MOTO), and kiosks – today FraudNet is increasing revenue and profitability for industry leaders on four continents in air travel, e-commerce, and retail and wholesale financial services. 

“Horus Prevention’s extensive history of implementing effective fraud solutions is clearly attributable to the company’s bench strength in all aspects of fraud prevention,” said Pete Selda, chief executive officer of 41st Parameter. “Their deep inside knowledge of payments fraud across the most frequently targeted industries and their alignment with 41st Parameter’s methodology makes them an ideal partner to represent us in the rapidly-expanding South American market.” 

“41st Parameter represents the forefront of fraud prevention effectiveness today,” said Eduardo Daghum, Horus’ chief executive officer. “In FraudNet we found the only commercial solution sophisticated enough to continuously deliver superior results against the evolving attack vectors aimed at South American businesses. We are confident 41st Parameter and FraudNet will enable Horus to provide our clients with robust countermeasures that will immediately deliver significant reductions in chargebacks and other fraud-related costs.” 

About 41st Parameter 
41st Parameter provides solutions for detecting and preventing fraud across multiple channels for the world’s most valued and recognizable brands. Leading financial institutions, e-commerce companies, and travel services businesses rely on 41st Parameter’s technology to protect them from cybercrime threats including card not present fraud, new account origination fraud, phishing and account compromise, credit bust-outs, and fraud ring attacks. Founded in 2004, 41st Parameter makes the process of detecting and preventing fraud easier and more effective, reducing both expenses and potential losses. To learn more about 41st Parameter, visit www.the41st.com