Accertify news hits the street

August 1 2007

Digital Transactions has an article on a new company in Schaumburg, IL called Accertify:

A startup company managed by former executives from online travel agency Orbitz LLC plans to release in the fourth quarter a software product that will let online merchants manage the gamut of transaction fraud issues, from front-end screening to automated order review to chargeback processing and, eventually, back-end collections and law-enforcement activity. Accertify LLC, Schaumburg, Ill., expects to have three deals closed by the end of the year for its product, called Interceptas, says Michael J. Long, chief marketing officer.

Even after screening, many orders remain questionable and require further manual review, a time-consuming and costly process. Some 81% of online merchants performed manual review of orders in 2006, up from 73% in 2005, and allocated almost half of their fraud-management budgets to the process, according to CyberSource. Many Web merchants also avoid overseas markets and other sales opportunities out of fear of fraud losses. “It’s lost opportunity,” says Long, who managed fraud control at Orbitz and most recently developed the RapidReviewer product at eFunds Corp. (Digital Transactions News, June 13, 2006) before leaving in March to help found Accertify. Two other founders, chief executive Jeffrey T. Liesendahl and general counsel Gary R. Doernhoefer, also worked at Orbitz.

What is great about this is PSC is involved in the development of Inteceptas. We built the Orbitz solution and worked with these folks on RapidReviewer. I love working at a place where I am exposed and learn about things that are very different than what I do in the IBM world. I will share more when I can.