E-commerce solutions provider Digital River, Inc. (DRIV) recently announced that the U.S. Patent and Trademark Office has issued U.S. Patent No. 7,881,972 entitled, Electronic Commerce System and Method for Detecting Fraud.
This fraud detection technology is specifically targeted at purchase order transactions processed by online stores. This fraud detection technology along with other technologies owned by Digital River is integral to its world-class fraud prevention solutions.
The fraud prevention solutions include the Transaction Defender service, which links risks from independent data gathered from global online transactions for digital and physical product purchases.
Transaction Defender is a fraud prevention service offered through the company’s enterprise and SMB e-commerce as well as Digital River World Payments solutions. Digital River World Payments is a global payments solution that allows online merchants to manage the entire payment lifecycle through a single connection rather than dealing with multiple services and vendors.
Transaction Defender uses transaction information provided by customers during the online checkout process to make instantaneous fraud detection decisions.
In another development, Digital River appointed its CFO, Tom Donnelly, to the position of President. Donnelly joined Digital River in 2005 as the company’s treasurer and vice president of finance and became the CFO four months later. Over the past year, Donnelly has been managing the company’s delivery and IT organizations.
Donnelly will continue to be the CFO for Digital River until a new CFO is appointed. Before joining Digital River, Donnelly served as the CFO and COO of Net Perceptions, Inc. and in senior operating or transaction-related positions at several technology corporations.
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