Mumbai : Shielding e-commerce transactions against online fraud, Citrus Payment Solutions Pvt. Ltd. (Citrus Pay), the payments innovator of India has collaborated with ReD, a world leader in fraud prevention to implement a real time fraud prevention solution, known as ReD Shield®, for its merchants.

Jitendra Gupta, CEO & Founder of Citrus Pay, commented, “According to the 2013 Norton Report, the global price tag of consumer cyber crime stands at 113 billion dollars and India’s share in the financial loss pie is 4 billion dollars. With such a huge loss due to online fraud, it is imperative to utilize the best available fraud prevention technology to control sophisticated online fraud attempts. Detection, prevention and management of online payment fraud are the need of the hour and ReD Shield® will do all three for us and our merchants. We are extremely excited to be integrating our payment and checkout services with ReD, the world’s leading ecommerce fraud prevention service provider. ”

It is his belief that the new measure will increase consumer confidence when they use Citrus Pay for online transactions as they will not have to worry about the security aspect.

The new measure will also be beneficial to merchants working with Citrus as they can now focus on expanding their business rather than worrying about risk mitigation. The fraud management service will be provided to merchants on a pay-per-use basis via the SaaS model.

Specifically launched to protect merchants against online frauds, ReD Shield® will protect both domestic and global merchants. The integration of ReD Shield® into Citrus Pay’s checkout environment will enable merchants of all sizes to benefit from real-time fraud protection on both domestic and international transactions. ReD Shield® is a market-leading fraud prevention solution that includes proprietary screening databases, a dynamic rules engine, pattern recognition software, PRISM® neural network technology, BIN identification, “gibberish” filters, an analytical engine and IP geo-location technology. ReD Shield® uses an unlimited number of transaction variables and a global database of ‘hot’ cards to detect and prevent online fraud for many of the biggest companies in the world – across the retail, banking, travel, gaming, telecom and broader ecommerce sectors. For every transaction, ReD Shield® acts in a split-second to assemble and analyze information and determine whether a payment is genuine or not.

Manish Patel, President EMEA and LATAM at ReD, added, “We are delighted that, through Citrus, our market-leading fraud prevention solution is now available to merchants across India. We look forward to working with Citrus, combining their high quality payment services with ‘real-time, all-the-time’ fraud prevention, through a single connection. In this way, we can help Citrus to enable new sales opportunities for merchants in India while mitigating their exposure to fraud.”

Thus, merchant customers of Citrus Pay can be up and running, with their online payments protected, within a matter of hours. Larger merchants and those with complex or distinct requirements can gain the support of Citrus Pay’s as well as ReD’s global team of expert risk analysts to create highly tailored fraud strategies and rule sets.

According to Dhwanil Sanghwi, head Sales & Marketing, Neeta Bus, “This real time fraud prevention technology will be a boon to online merchants like us as it will help us detect fraud transactions which may otherwise go unnoticed till the time the cardholder disputes the transaction.”

The association will enable a merchant working with Citrus Pay in preventing fraud and detecting false positives. The solution also reduces the time and costs associated with manual reviews and will aid Citrus Pay in detecting international card related frauds largely prevalent in the travel and e-tailing segments.