Alerting Banks
The 3rd Man has developed fraud screening services which it provides to retailers. The service has proven very effective as it uses ‘Rich’ data from retailers in order to detect and prevent fraud.
‘Rich’ data means that not only are payment details reviewed, but also who is buying and what is being purchased (often down to line item). Addresses are assessed (including billing, delivery, email and IP) and other factors such as phone numbers are also reviewed.
The net effect is that a significant proportion of all attempted frauds are prevented by those retailers who use the service. This data may not always be visible to the banking community, who will only see authorisations and settled transactions. The key factor from a retailer’s perspective is whether they part with the goods or not.
Banks can subscribe to receive alert information. Whenever an attempted fraud is detected, the card details in question will be securely advised to the issuing bank. Fraudsters will regularly attempt transactions using in excess of 20 different cards. Sometimes many hundreds of different cards are used. Often these transactions are authorised by the issuing banks in the belief that the card and the transaction are valid. The only data linking these transactions may be the delivery address or the email and so the issuer of the card may not have any reason for suspicion. We will provide these alerts!
Upon detection a data feed will be sent to the relevant participating bank. All data feeds are encrypted and secure.
The alerts are generated based upon many factors including:
- Known offenders retrying with multiple accounts/cards
- Fully authenticated transactions with delivery to known fraudsters
- Reported frauds where the bank is authorising
- Any issuing bank, in any country, may subscribe to this service.
(Retailers, Consumers, Banks CHART)
Please let me know what size to re-supply this chart.
