Partnership boosts merchants' protection against cyber fraud

CEBU, Philippines — In order to help the retail sector further tighten its protection against the continuous onslaught of cyber attacks, cybersecurity firm Kaspersky Lab is partnering with Merchant Risk Council to fight e-commerce fraud.

The Merchant Risk Council brings together a diverse mix of over 500 member companies, all of which are focused on optimizing payments and reducing eCommerce fraud.

As an independent, not-for-profit business association, the Merchant Risk Council aims to facilitate collaboration between eCommerce payments and risk professionals.

"Most customers now use online and mobile channels for their daily needs, so it’s important for online and eCommerce businesses to be able to deliver high-level services with maximum functionality," said  Alexander Ermakovich, head of Kaspersky Fraud Prevention.

Having honed their fraud prevention offering for the financial services industry, Ermakovich said they have also evolved to arm e-Commerce, retail and loyalty schemes with the tools they need to protect themselves and their customers from fraud.

"We are looking forward to sharing our expertise in this area with other members of the Merchant Risk Council," Ermakovich added.

According to Markus Bergthaler, Merchant Risk Council director of Programs and Marketing, fraud is a constantly changing and evolving landscape, which means it is challenging for merchants to successfully manage and combat.

"Having Kaspersky Lab’s team of experts on board brings an added layer of expertise to our expanding group of members. Together, we hope to be able to share knowledge and tackle this threat head on, making the Internet a safer place for everybody to buy and do business," noted Bergthaler.

Kaspersky's  move to join the coalition of merchants is mainly to help online retailers and eCommerce businesses protect themselves and their customers from fraudsters.

The cybersecurity firm's comprehensive fraud prevention offering is designed to empower online retailers so that they can grow without security concerns or usability issues.

Through advanced technologies, Kaspersky Fraud Prevention delivers next generation context authentication, pre-real-time fraud detection and new money laundering detection capabilities.

The solution is furthermore wrapped in a customer-centric approach to address the real-world issues businesses face on a daily basis.