WorthPoint

Achieving success by eliminating fraudulent approvals, increasing legitimate transactions and minimizing false positives

Operating exclusively as an e-commerce subscription-based service for collectors and dealers looking to value and price art, antiques and collectibles, WorthPoint has a substantial database of 100 million items.

The company saw authorization requests that spiked up to 30,000 per day, and discovered the increase was caused by fraudulent card testers who were flooding their approval process.

The price of fraud

“Our fraud issue was a card-testing issue, where we were challenged to separate our legitimate subscribers from the fraudulent card testers out there,” explains CFO Neal McAtee at WorthPoint.

Gathering compromised consumer data from dark web sources, fraudsters will attempt small authorizations using bots to validate stolen cards. If successful, frequent and higher-value transactions can be attempted elsewhere. While some of these fraudulent transactions are caught by tightening security parameters, they may also restrict valid payment opportunities. And this can take a toll on a business.

“Normally, we run about 1,000 cards for authorization each day with the credit card companies," says Neal. "The cost of additional authorization requests in not immaterial, but we get 100% of our revenue from credit cards, so just as important ─ if not more important ─ is our standing within the eyes of the credit card companies. It’s about our reputation.”

FraudSight to the rescue

Employing Worldpay’s FraudSight solution, WorthPoint quickly eliminated fraudulent approvals while they also increased legitimate approval rates and minimized false positives. Using FraudSight, WorthPoint successfully stopped 60,000 fraudulent authorizations within 10 days, and removed 37,000 fraudulent authorizations in 14 days at the outbreak of COVID-19.

Worldpay relationship

Having a relationship with Worldpay has given Neal the external team he can count on to effectively combat fraud and protect his business. He views the FraudSight specialists at Worldpay as a necessary piece of his organization ─ actually, “partners” in his words ─ that he might not otherwise be able to maintain.

“It’s not just the Worldpay products, it’s the people who we work with there,” Neal says. “With Worldpay, we’ve gotten the best of all worlds. We’ve gotten someone who’s adding new technology and giving us access to the best payments processing security we can have, and we’ve dealt consistently with the same people. It’s great to know that behind that team there’s also a deeper bench to call on, if we need it."

At a glance

Objective

Eliminate fraud swiftly and effectively ─ without negatively impacting revenue.

Worldpay solutions

Enterprise Payments Capabilities; FraudSight

Impact

• Helps maintain strong ratings with card companies
• 60K fraudulent authorizations stopped within 10 days of implementation
• 37K fraudulent authorizations prevented at the outbreak of COVID-19

“With Worldpay, we’ve gotten the best of all worlds."

Neal McAtee, CFO, WorthPoint

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