Volusion

Company: Volusion, Austin, TX
Entry Submitted By: Blanc & Otus
Company Description: Volusion is a leader in e-commerce solutions for online businesses. Over the last ten years, thousands of companies have used Volusion to succeed online, including market leaders such as Disney, Motorola, Chicago Tribune, Michigan State University and Crutchfield. For more information about Volusion, please visit http://www.volusion.com.
Nomination Category: Company / Organization Categories
Nomination Sub Category: Business Innovation of the Year

Nomination Title: Credit Card Fraud Protection Service for Online Store Owners

1. Tell the story about what this nominee achieved since January 1 2009 (up to 500 words). Focus on specific accomplishments, and relate these accomplishments to past performance or industry norms. Be sure to mention obstacles overcome, innovations or discoveries made, and outcomes:

To address one of the most pressing issues for online retailers, Volusion
recently launched a game-changing credit card fraud protection service, Fraud
Score. This is first service of its kind to present critical fraud risk
information in an easy-to-read, intuitive format, which helps merchants detect
fraudulent orders before payments are processed.

In 2009, the number of personal records that hackers exposed – data like Social
Security numbers, medical records and credit card information tied to an
individual – exceeded 220 million records, compared with 35 million in 2008. To
address this issue, Fraud Score identifies traits, patterns and trends that are
associated with fraudulent behavior to assess transaction risk and reduce
chargebacks for merchants.

Fraud Score checks more than 15 fields that include history, address,
geographical IP, email and bank identification numbers to assign a numerical
fraud score associated with each transaction. Merchants see a fraud score
associated with each order in the order details page. A score of 0-300
identifies the risk involved with processing the order. Volusion provides an
explanation of each risk category and information to help aide the merchant in
his/her decision.

Merchants save significant money by reducing fraud and chargebacks. Eliminating
just one chargeback will pay for an entire month of the Basic or Standard fraud
protection service. Also, merchants save time by automating the risk assessment
process and detecting fraudulent orders before payments are processed.

Fields used to determine the credit card fraud score:
• AVS (Address Verification System) – Verifies if the billing address matches
the one on file with the bank.
• History – Checks to see if the card/cardholder has committed fraud in the past.
• Geographical IP checking – Identifies where a customer is, if it is a
high-risk area and if the location matches the credit card information.
• Proxy detection – Ensures that the purchaser is not using someone else’s
computer information to perform a false transaction.
• Email and login checking – Confirms that the email address is real and has a
clean record.
• Issuing bank identification number (BIN) checks – Verifies that the
cardholder’s bank and credit card information match.
Reducing fraud is critical to maintaining a healthy revenue stream, and Volusion
has always made security a top priority with our industry-leading PCI/CISP
certification status. Fraud Score is designed to offer merchants even more
protection and better revenue assurance.

Comment from a Volusion customer:
“This feature is an awesome addition to your stores! We have gone back and
checked known fraud orders, and needless to say, if we had this feature then,
those orders would have been caught beforehand. It’s working GREAT!”

2. List hyperlinks to any online news stories, press releases, or other documents that support the claims made in the section above. IMPORTANT: Begin each link with http://, and enclose each link in square brackets; for example, [http://www.youraddress.com]:

• Austin Chamber of Commerce Bury+Partners Innovation Award 2009
http://www.austinchamber.com/TheChamber/AboutTheChamber/09bisaw/index.html

• Fraud Score Background
http://www.volusion.com/fraud-score.asp

• Video: Volusion COO, Clay Olivier, Introduces Fraud Score Service
http://www.youtube.com/volusion#p/u/12/E3CsJMkbOrA

• Video: An Introduction to Fraud Score
http://www.youtube.com/volusion#p/u/11/5SycuFsu8rc

• Press Release: Volusion Announces Credit Card Fraud Protection Service for
Online Store Owners
http://bit.ly/8YghFw

• WepProNews: New Tool Helps Protect Online Merchants From Fraud
http://bit.ly/cVVymP

• Website Magazine: Fraud Score Service at Volusion
http://bit.ly/ci59lZ

• Internet Retailer: Volusion adds fraud detection to its e-commerce platform
http://www.internetretailer.com/dailyNews.asp?id=33640

3. Provide a brief (up to 100 words) biography about the nominee or the leader of the nominated company:

Clay Olivier is Volusion’s Chief Marketing Officer and Chief Operating Officer.
After experiencing Volusion’s e-commerce technology first-hand as a customer,
Clay left a successful career at Dell to join founder Kevin Sproles in 2004.
Clay is responsible for planning the company’s expansion initiatives and driving
all integrated sales and marketing programs, which led to the company’s 1900%
growth from 2005-2008. Clay comes to Volusion with more than 17 years experience
in sales and marketing. He has developed several successful businesses over the
years that have given him first-hand knowledge of the challenges e-retailers and
marketers face.