The 3rd Man will be at the Retail Fraud 2008 show – Stand number 10
Novotel, Hammersmith, London, May 1st
Card fraud protection specialist, the 3rd Man, has launched a card-not-present (CNP) forum designed to help retailers and other groups involved in the fight against card crime. CNP Forum, which has at its core a secure portal for sharing information – www.cnpforum.com - will enable retailers and special interest groups, such as the banks and police, to share data and collaborate. CNP Forum goes live on May 1st.
By joining the CNP Fraud Forum, participants will have access to general help groups as well as the ability to get involved in industry specific user groups, such as gaming, travel and law enforcement, where members have similar challenges. Providing the ability to post and search fraud data, the CNP Forum website will have a bulletin board and facilities such as Instant Messaging.
Furthermore the CNP Forum will provide members with access to 3rd Man fraud analysts as well as free limited membership to SuperSearch, a shared data service which has already detected around 145,000 fraudulent transactions in 2008 (totally over £27 million).
“With the threat of CNP fraud at an all time high and growing, retailers face potential losses if they are unable to keep pace with the fraudsters,” says Paul Simms, CEO of the 3rd Man. “Although several systems are in place to prevent fraudsters from plying their trade, sharing data, information and tips is proving to be a major obstacle to criminals. By acting collectively, retailers can stem the tide of fraud because they are protecting each other with good information and informed opinion.
“The invitation is for everyone with an interest in preventing card crime to get involved. As was the case with Chip and PIN, there is real momentum behind beating the CNP fraudsters and retailers are doing a very good job of protecting themselves and others. We hope the CNP Forum will be another positive step in this direction, particularly for retailers who are concerned about their online or mail order business.”
In April 2008, the 3rd Man issued statistics which showed that CNP fraud in the UK is higher than official statistics suggest1 and is in danger of getting worse. Over £500 million of fraud was attempted during 2007. This information supported a BBC investigation into card not present crime.
1APACS reported that CNP fraud in 2007 was £290.5 million, an increase of 37% on 2006. This was the figure on UK issued cards only and excludes losses on non UK issued cards.
The 3rd Man’s SuperSearch service stopped £33 million in 2007 in shared data alone. Shared data is important and detects around 20% of frauds already. This figure will increase as more retailers join shared data schemes.
Tel: 01483 811234 / 07812 766338
The 3rd Man
Tel: 01276 856444
The 3rd Man
Tel: 0870 874 4999
About The 3rd Man Group - 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 Argos, Halfords, Woolworths and Ticketmaster.
The 3rd Man 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.
Sharing data - SuperSearch
SuperSearch is a screening service which is used by retailers throughout the UK. It works by providing retailers and banks in any location with a reciprocal connection to fraud screening services. When a transaction is rejected because an attempted fraud is detected, details provided by the suspected fraudster are made available anonymously to all users. Retailers and banks may then take action to prevent further incidences of fraud, not just in the UK but worldwide.
The service works by enabling retailers to share information about fraudulent activity. This information is available to banks upon their application.
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