Credit Card Debt Management

It’s no secret that credit card fraud is a major problem in the U.S. The tricks and techniques thieves are using to get credit card information — or the actual credit cards themselves — are getting ever more clever and savvy. So how do we, mere consumers, keep up?

Fraud Sciences was working to make a way, according to CNET.com. But that was before they were acquired by Paypal/eBay, Inc. in January. I suppose they’re still working to make a way, but under a different name. According to CNET, Fraud Sciences had developed the SpotLight transaction verification system, which inexplicably is able to determine whether a person using a credit card on a computer is indeed the real cardholder. According to CNET:

“The system cuts down on fraudulent transactions, but also lets merchants accept transactions that seem to be a bit suspicious, but in fact are genuine.”

The article goes on to state that the SpotLight verification system relies on “behavioral analytics” and “real-time fraud intelligence tools,” whatever those are. Apparently, eBay and Paypal thought it was quite a lot, because they bought it. For $169 million. Cash.

Some of the expert staff members from Fraud Sciences will also come on board the eBay/Paypal ship to help with the technology and fraud management teams. Fraud Sciences, based in Palo Alto, Calif. but originating in Israel, had built up quite an extensive client list of online merchants. The company’s policy stated that it would refund the full amount of any purchase that was approved, but later proved to be fraudulent. So that kind of guarantee coupled with a $169 million acquisition and I’m thinking this system must work really well. That’s one small leap for identity theft victims, one giant leap for mankind.