Identity protection company miiCard has partnered with international payment processor eMerchantPay to offer secure online payment processing to merchants.
Under the partnership eMerchantPay's merchant clients in over 40 countries can use miiCard's fraud protection services to reduce chargebacks and Card Not Present fraud.
"Online fraud, identity fraud in particular, is an enormous problem" for merchants and is growing bigger every day, says miiCard CEO James Varga in a March 20 release. The partnership aims to help merchants eliminate fraud as they expand their businesses with new products and services.
Identity theft costs businesses $21 billion annually, with nearly half of these fraudulent transactions occurring online, according to Javelin Strategy & Research data cited in the press release. Every $1 in fraud costs a business about $3.10 in losses, the release says.