| FAC honored for creatively using technology as a | | | | including airlines, hotels and large retailers. |
| tool to innovate the e-commerce industry | | | | Working in conjunction with Latin America’s |
| Hamilton, Bermuda. April 30, 2008 First Atlantic | | | | largest credit card processing company, FAC |
| Commerce Ltd. (FAC), a leading international, | | | | implemented only the consumer authentication |
| multi-currency payment and risk management | | | | component of the Card Associations‘ 3-D |
| solutions provider, last week won the Bermuda | | | | Secure™ full payment solution, allowing the local |
| Government’s Ministry of Telecommunications | | | | acquiring banks to determine chargeback liability |
| & E-Commerce’s ‘Innovation of the | | | | for their merchants in advance of the actual |
| Year’ award for FAC’s online Consumer | | | | payment transaction authorisation, which is then |
| Authentication solutions. | | | | performed locally by the processors in Mexico. |
| Organizations across the world-class, offshore | | | | This type of 3-D Secure™ implementation is |
| financial centre’s private, public and non-profit | | | | unique within this market and clearly shows |
| sectors that are “creatively using technology | | | | FAC’s award winning ability to be innovative |
| as a tool to innovate in their designated | | | | with respect to providing turn-key, online |
| industry” were nominated under various | | | | consumer risk mitigation solutions in emerging |
| categories including: Best Interactive Experience, | | | | markets where local credit card processing |
| Best Local Website, Most Inspiring Technology | | | | already exists. |
| Teacher, Best Business Solution Using Technology, | | | | As a result of this particular solution, Mexican |
| Best Customer Service, Technology in the | | | | acquiring banks and merchants can see an |
| Environment, Most Innovative Sponsor and top | | | | immediate reduction in online VISA and |
| category Innovation of the Year. | | | | MasterCard credit card fraud by up to 85%. |
| Bermuda’s Telecommunications and | | | | “Our Verified by VISA and MasterCard |
| E-Commerce Minister, the Hon. Terry E. Lister, | | | | SecureCode™ only solution is expected to |
| and Dion Tucker, Vice President of Information | | | | significantly reduce credit card fraud for online |
| Technology for event sponsor and insurance | | | | merchants in Mexico and Latin America based on |
| reinsurance giant, RenaissanceRe, presented the | | | | the Card Association rules governing 3-D |
| crystal trophy award for Innovation of the Year | | | | Secure™ online chargeback liability shift,” |
| to FAC CEO, Andrea Wilson at the TechAwards | | | | said Wilson. |
| luncheon held on Friday, April 25, 2008 at the | | | | FAC is currently one of the only companies in the |
| Fairmont Hamilton Princess. | | | | Latin American Caribbean Region offering |
| Based on criteria including a truly innovative | | | | customized consumer authentication-only risk |
| technology solution that is commercially in use in | | | | solutions to acquiring banks and processors in |
| Bermuda and utilizing Bermuda-based | | | | addition to a full suite of other online risk solutions |
| infrastructure and/or resources, the winning | | | | including North American Address Verification |
| company’s innovation had to be a true | | | | services, CVV2 validation and Consumer Credit |
| “showcase” piece for the Island, according | | | | Card verification services. FAC’s online |
| to the panel judges representing both | | | | payment and risk mitigation solutions are also |
| Bermuda’s private and Government sectors. | | | | compliant and PCI certified, and available to banks |
| FAC’s innovation involved implementing a | | | | and processors in other regions including Europe, |
| unique standalone Verified by Visa and | | | | CEMEA and Asia. |
| MasterCard SecureCode™ cardholder | | | | For more information on FAC’s approach to |
| "authentication-only" solution designed for the | | | | authenticating consumers online, banks and |
| burgeoning Mexican online business market | | | | processors should contact info@fac. |