Today, SecureTrading took the lead in cracking down on online criminals following a disappointing lack of action from Government, law enforcement agencies, the banking and credit cards sectors, and some online payment services providers to protect consumers and businesses from becoming the victims of Internet fraud. The UK’s leading independent Internet payment service provider was launching a new suite of counter-fraud tools at an event in London involving a distinguished group of key industry and public sector figures including Rt. Hon. David Blunkett MP.
SecureTrading new suite of counter-fraud tools will provide the highest level of protection for online merchants and their customers. Companies of all sizes – ranging from corporations to small and medium-sized businesses – will have access to the latest technology to fight Internet fraud without the need to undertake complex integration, incur minimum charges or commit to minimum volumes.
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.”
The two new counter-fraud solutions – SecureTrading Identity Check and SecureTrading Fraud Score – will 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.
Speaking at the launch, Rt. Hon. David Blunkett MP said: “If we don’t make a stand now this issue is liable to spiral out of control and will seriously damage the industry. Countering this type of fraud requires collaboration between the various participants in online retailing including the IMRG and payment services providers such as SecureTrading, working in close co-operation with law enforcement organisations around the world, such as the Metropolitan Police Service and the Serious Organised Crime Agency here in the UK.”
Prideaux concluded: “As an industry leader we must work closely with private and public sector organisations to do everything possible to stamp out online fraud, ultimately reducing crime and increasing consumer confidence in the Internet. 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.”
“These criminals are becoming increasingly sophisticated to overcome existing measures, so in response, we have introduced the most comprehensive range of counter-fraud and security services and made sure they are affordable and accessible to all. Furthermore, our solution is the only fully integrated solution available in the UK, so businesses can now benefit from being able to immediately check and verify customer identities from a review of transaction details, making it simpler and easier to prevent fraud than ever before.”
SecureTrading has been at the forefront of counter fraud initiatives since its inception for example, by its participation in the UK Government and private sector internet security awareness campaign - Get Safe Online – and as one of the first payment services providers to be accredited as PCI DSS level I. Furthermore, SecureTrading and its parent company UC Group are working closely with legislators and regulators in the US, UK and at the EU Commission to provide domain expertise and assistance in introducing wide ranging new pieces of Internet-related legislation which are designed to prevent the exploitation of children, combat organised crime and minimise the funding of terrorism.
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