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With widespread internet transaction fraud, the casino industry operators have long sought measures to combat the money shelled out on chargebacks, besides ways to win back customer's trust.Tej Kohli, CEO of Grafix Softech, is developing a new product to bring a solution to the online gaming business.
The strategy will center on use of 3-D Secure™ protocol – the technology used in Verified by Visa™ and Mastercard’s SecureCode™ – which adds a layer of security in a CNP (card not present) transaction, ensuring that the real cardholder is the person making the transaction. This, Kohli says, will be key to reducing the risk of fraud for online casinos.
“Both consumers and merchants in this industry, where sums either spent or paid out can be large and occur with frequency, need utmost confidence that online transactions will be processed safely and efficiently. That sense of security will bring in new sales, keep existing customers coming back and, on a concrete level, lower the chargeback fees casinos pay out.”
Chargeback fees are a scourge for online merchants. Not only must companies reimburse the cost of the credit card charges in a fraudulent transaction, but they must pay a small fee to the bank for the trouble endured. Estimates claim that 3-D Secure protocols can reduce the amount of fraud by up to 80 percent.
“The fact that this solution will be so easy to integrate into an existing payment processing system is a major plus.” says Kohli. “Online gaming has grown so rapidly and, along with it, so has the risk of fraud,” he continues. “We don’t just need to keep pace in this business, we need to stay ahead.”
About Grafix Softech
With headquarters in Costa Rica and operations in UK and India, Grafix Softech (grafixsoftech.com) is a privately held company with over 15 years experience providing turnkey solutions to E-Businesses. Grafix Softech is known for its attention to detail and helping clients maximize their return of investment on their Internet development. The company, and its leader, Tej Kohli (tejkohli.com), has been at the forefront of Internet technology since its inception, providing clients the most up-to-date software tools and systems.
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