New counter-fraud tools launched by SecureTrading
A lack of action against Internet fraud has led SecureTrading to launch new tools.
In what it calls a ‘disappointing lack of action from Government, law enforcement agencies, the banking and credit cards sectors, and some online payment services providers', SecureTrading has launched a new suite of counter-fraud tools.
The new tools include a SecureTrading Identity Check and SecureTrading Fraud Score and work alongside existing security products to enable Internet-based merchants to better recognise and block attempted fraudulent transactions.
SecureTrading Identity Check allows merchants to cross reference buyer information using a number of databases to verify if someone exists and lives at their given address, whilst SecureTrading Fraud Score calculates the risk of a transaction being fraudulent and assigns it a score between 1 and 100 dependent on the threat.
Jon Prideaux, deputy CEO at SecureTrading explains: “Partly as a result of this lack of action from key players card-not-present fraud grew 37 per cent to almost £300 million last year with almost half resulting from online transactions.
“In this current difficult economic climate the last thing online retailers need is to go to the effort of making a sale only to find that it is charged back as fraud. There is little or no help for organisations trading on the Internet, particularly the smaller online merchants and this is where we have decided to step in and take a stand.
“Online fraud is growing at an alarming rate and has become a truly global operation, orchestrated by well-organised criminals who are making hundreds of millions of pounds each year.”