British Traders save over £300,000 in 8 weeks
A new online scheme, which aims to help British traders stop fraudulent credit card transactions, is being officially launched today by a Sussex-based company called Early Warning Ltd.
The web-based scheme, which can be found at http://www.early-warning.org.uk , is designed as a repository for bogus or fraudulent credit card orders. Members of the scheme can check their own online credit card orders against a database of known frauds, as well as contributing information on frauds that they have discovered themselves. Email alerts for all new frauds are also sent to those members requesting them.
The Early Warning scheme was initially established back in September and has already attracted over 400 members, many of whom are well-known high street names. Members of the scheme have already indicated savings of over £300,000 in the 8 weeks since the sites inception.
Commenting on the launch, Managing Director Andrew Goodwill said;
“We have been knocked out by the success of the site in such a short space of time. This system could literally save British traders millions of pounds each year”
New members are invited to register via the website at http://www.early-warning.org.uk Membership of the scheme is currently free, although a small administration fee will apply for annual membership after January 31 2003. Any trader wishing to try out the service during the busy Christmas period can do so free of charge.
The Early Warning Scheme – How it works
The scheme is similar to the “ring round” scheme that shops have for shoplifters. Traders register their details on the website in order to instigate membership of the scheme. All members pass through an approval procedure carried out by Early Warning Ltd before being allowed access to the live fraud database.
Members can use the database to cross-reference their own sales orders, as well as being able to define searches based on email address, IP address, delivery postcode or name. The system also allows each member to post details of any attempted fraud that has been discovered via their own procedures. Before any member posts a fraud to the database, they give an undertaking that they have carried out a Code 10 check on the details given in their sales order. Once a new fraud is posted on the database, all other members of the scheme are automatically sent an email message containing the new data.
The Early Warning Scheme also features a collection of useful tools for members to use;
o A way of checking a customer’s ISP (Internet Service Provider) by IP address
o A database of freight forwarding companies, so a delivery address can be checked to see if the goods ordered are going to be shipped abroad
o A link to Companies House, so a check can be made on a Limited company name
o A check facility for the card issuer, based on the first 6 digits of a card number
More services will be added to the members’ area over the next few months.
Does it Work ?
Our members say Yes. To date we have saved over £300,000 in credit card fraud (and that’s just the frauds that we’ve been told about !) This includes a major Nigerian scam, where local British police, armed with evidence from Early Warning, were able to stop a warehouse full of fraudulently obtained goods from being shipped out to Africa. The goods have now been returned to their rightful owners, and the freight forwarding company acting (albeit innocently) on behalf of the fraudsters has now joined our scheme.
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Further information can be obtained by calling Stephen Warren @ The Marketing Exchange on 01903 203205, or by emailing firstname.lastname@example.org
Notes to Editors
For the past couple of years Andrew Goodwill, Managing Director of Early Warning Ltd, has owned and run a small computer parts business that takes credit card orders via the Web. During this time Andrew became increasingly dismayed at the volume of fraudulent orders he received, as well as the lack of any real system to help him identify the fraudsters. In September of this year, Andrew’s response to the problem, was to launch the Early Warning website.
* Card-not-present fraud cost £95.7 million in 2001 with internet fraud estimated to account for 12% of this figure. The problem occurs when neither the card nor its holder is present at the point-of-sale, as happens in telephone, fax, mail order and internet transactions. This crime involves using fraudulently obtained card details to make a purchase. Usually the details are taken from discarded receipts or copied down without the cardholder’s knowledge. As with counterfeit fraud, the legitimate cardholder may not be aware of the fraud until a statement is received.
* Source - http://www.cardwatch.org.uk/
Early Warning Ltd
Tel : +44 (0) 1243 827179
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