WHY You Need Us
Card fraud is in the news on a daily basis. On a positive note, Chip and PIN is having a marked effect in reducing fraud perpetrated in shops. Sadly this fraud is already migrating to CNP channels such as call centres and the Internet.
When fraudsters are successful, they obtain goods without paying and retailers suffer the loss. They use another persons’ details and this other person will blame the retailer when the transactions appear on their bank statement. They fund activity such as drug abuse and terrorism, which fuels further attempted fraud.
Fraudsters are prevented by using effective screening into the fulfilment process. Bank initiatives do help and schemes such as 3D-Secure offer retailers some degree of protection, however they do little to secure the transaction. 3D- Secure simply verifies a password and shifts certain liability. It cannot verify delivery, nor can it identify frauds involving multiple cards.
Protect your reputation through effective risk management
Retailers have to be mindful that whilst cracking down on fraudsters it is vital that they do so without turning away legitimate customers or increasing administration costs. If they take a hard line and insist on intensively validating all purchases, they will lose sales and alienate customers. If they are too lenient, then they will suffer fraud. The 3rd Man do not reject genuine customers!
Effective Fraud Prevention Solution from the 3rd man
A comprehensive screening service, which uses all available data to determine:
- Who is buying, can they be trusted?
- What are they buying, is this reasonable?
- Where is it being delivered, does it exist?
- How are they paying?
By using The 3rd Man's risk management service, retailers can reliably assess the risks inherent in their transaction data. Fraud will be reliably identified and chargebacks prevented.
What is CNP (Card Not Present) fraud?
Payment cards were designed for use in shops! The physical presentation of a card, validated by a chip or by swiping the magnetic strip, together with the validation of the cardholder by means of a signature or PIN, is the basis of VISA and MasterCard payment schemes today.
CNP has grown to become a massive opportunity for Visa and MasterCard and so they allow their cards to be used. Unfortunately there are some obvious weaknesses in validation... to get round this, Visa and MasterCard rules allow a retailer to accept CNP transactions, but only if the retailer accepts all fraud risks.
Some bank-led initiatives will help to prevent fraud but all security initiatives will have weaknesses and it is these that fraudsters will seek to compromise.
Statistics:
- Over 20,000,000 transactions per month
- Fraud alerts totalling over £9 million per month
- SuperSearch detects 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’
- Over 20,000 retailer customers
- Deliveries supported to over 180 countries worldwide
- Totally independent service provision – your priorities are our priorities
- Single market focus – uniquely we focus solely on preventing CNP fraud
- In business for six years
- Profitable
