New fraud service organised to fight card crime Monday 6 August 2007 PDF Print - Millions of pounds already protected in early trials - An international online ‘neighbourhood watch’ service that enables retailers, banks and consumers to protect themselves and each other from credit card fraudsters has been set up by The 3rd Man, a credit card fraud protection specialist. SuperSearch is a service for retailers and banks which works by enabling them to share information about fraudulent activity. In early trials SuperSearch has already detected and prevented ‘card not present’ fraud running into millions of pounds. SuperSearch is based on The 3rd Man’s sophisticated and highly secure fraud screening services which are used by retailers throughout the UK, including JJB Sports and Ticketmaster. SuperSearch works by providing retailers and banks in any location with a reciprocal connection to these fraud screening services. When a transaction is rejected or when a chargeback is received, this information is made available anonymously to all users of SuperSearch. Retailers and banks may then take action to prevent further incidences of fraud, not just in the UK but worldwide. The shared SuperSearch database contains clearly fraudulent and highly suspicious data, including listings of bad or questionable details such as email addresses, delivery addresses, phone numbers and card numbers. The scale of SuperSearch is unprecedented as it already scans 10 million transactions per month and this is expected to rise as the service is implemented by more retailers. “What we are creating is a national file of card not present fraud,” explains, Paul Simms, CEO of The 3rd Man. “Our prime objective is to assist retailers and banks in the prevention of card not present fraud and ultimately give consumers the confidence to shop online. By sharing information between each of the retailers and banks rather than them working independently, casual, serial and organised fraudsters can be stopped in their tracks.” SuperSearch is akin to a neighbourhood watch scheme, and the ability to monitor and prevent fraudulent activity often takes place in just seconds or minutes. “If you’re going to fight organised crime then you need to be equally organised,” says Paul Simms. “We’ve already detected over £3 million per month of cross-retailer fraud activity. This is fraud prevented by ‘Retailer B’ as a result of fraud data provided by ‘Retailer A’.” Online shopping is again expected to top new records in the run up to Christmas 2007 and a more coordinated approach to fighting card crime is needed to help retailers. “With Chip and PIN and other banking initiatives coming into play, liability has shifted heavily towards the retailer and they stand to lose the most out of card crime,” says Paul Simms. “By helping each other simply by plugging into the SuperSearch system, they can significantly reduce incidences of card crime. Wherever in the world you or your customers are, you’ll be helping each other to spot and stop the bad guys.” The 3rd Man is predicting that the service will be collectively saving retailers in the UK between £10-£15million per month in 2008, with an estimated £20million saved over the 2007 Christmas period alone. For retailers interested in finding out more about SuperSearch, please visit: http://www.the3rdman.co.uk/services_supersearch.asp -Ends- About The 3rd Man - www.the3rdman.co.uk The 3rd Man provides card not present fraud screening, card fraud analysis and consultancy services to some of the UK’s leading retailers, including JJB Sports, Halfords and Ticketmaster. The company reliably detects in excess of 95% of fraudulent attempts including organised and casual fraud. The 3rd Man also provides its GateKeeper secure online data reporting and analysis tool that enables clients to search for and display transactional information instantly, performing complex analysis to identify fraud rings quickly. Press contact: Glen Goldsmith 2thefore Tel: 01483 811234 / 07812 766338 Email: email@example.com Paul Simms CEO The 3rd Man Tel: 07785 517776 Email: firstname.lastname@example.org This press release was distributed by ResponseSource Press Release Wire on behalf of 2thefore in the following categories: Entertainment & Arts, Leisure & Hobbies, Women's Interest & Beauty, Consumer Technology, Food & Drink, Personal Finance, Business & Finance, Education & Human Resources, Media & Marketing, Retail & Fashion, Public Sector, Third Sector & Legal, Computing & Telecoms, for more information visit http://pressreleasewire.responsesource.com/about.