UK database tackles credit card fraud

Fraud protection specialist The 3rd Man has acquired online credit card fraud company Early Warning UK, and has called on internet traders to share data about fraud detection.

Early Warning's CardAware database will be added to The 3rd Man's SuperSearch system, which enables retailers to share information on high-risk transactions.

The companies anticipate that the move will provide online traders with a powerful UK-based fraud protection service.

"E-commerce figures suggest that 95 per cent of all online fraud detected involves more than one retailer. It is clear from this figure that the way forward for web traders is to share their data," said Paul Simms, chief executive at The 3rd Man.

Early Warning UK was set up by internet fraud victim Andrew Goodwill in 2002, and provides fraud-busting services to a wide cross-section of online retailers.

The service allows traders to post details of actual or attempted internet crimes, and to find out whether others have had similar experiences. Fraudsters are subsequently exposed through a network of data sharing.

The 3rd Man provides fraud screening services to over 18,000 retailers, claiming to save them in excess of £10m a month.

The firm also operates SuperSearch, a national card-not-present fraud file which enables retailers to share and monitor information on high risk transactions deemed to be fraudulent.

Corporate SuperSearch users include JJB Sports, Woolworths, Ticketmaster, Halfords, Argos and many other leading businesses.

"By bringing Early Warning under The 3rd Man umbrella our aim is to develop a massive and dynamic system of information sharing for retailers to protect themselves and their genuine customers," said Simms.

"The ability to share fraud data with Early Warning and learn from their experiences is a major boost in the fight against card crime."

See also:

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Males responsible for 67 per cent of US identity thefts, while one in four offenders was born outside the States  24 Oct 2007

Identity theft costs an average of $31K

US Secret Service files show the bigger the gang, the more money stolen  24 Oct 2007

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