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Who takes the responsibility for Card Not Present Fraud? 41st Parameter opens the debate.
Although there are no definitive global figures on losses from credit card fraud, an FBI report from 2005 indicated that credit cards represented the majority of the total $315 billion U.S. financial fraud loss for that year, while a recent European study found that more than 22 million adults fell victim to credit card scams in 2006. Figures from the Banque de France, the country's central bank, showed a credit card fraud loss of €236 million, or $319 million, for 2005. Fraudsters are not 'one-off' people. They are a business. They use the same cards several times, and will often use their PC to fraudulently use multiple credit cards. Tackling CNP fraud is therefore a high priority for both retailers and financial institutions alike, and measures need to be put in place to stop fraudsters and reduce the number of fraudulent transactions.Credit Card Fraud keeps growing on the Net, yet the responsibility for footing the bill is still being passed from pillar to post. Previously, the onus was on banks and financial institutions to identify and mitigate security risks surrounding Card Not Present (CNP) fraud. Recently however, retailers and e-merchants have been called upon to step up to the mark and take responsibility in the protection of customers and their data, as well as the fight against fraud.
To tackle this challenge, a new breed of solutions has been developed to identify links between seemingly unrelated information in order to uncover potentially fraudulent activity. 41st Parameter's FraudNet utilises Client Device Identification (CDI) coupled with user entered data and hundreds of algorithms to identify between legitimate and suspect or fraudulent devices with unprecedented accuracy. The result is a complete online fraud intervention solution that can help determine, for example, which of the three computers in a user's home is being used to access a company's website. Such a solution can help businesses improve investigative efficiencies by flagging account activity and transactions most likely to be fraudulent. This allows the organisation to review fewer orders/accounts while detecting significantly more fraud.
To help identify the online fraudster, merchants and financial institutions are beginning to employ this type of powerful device recognition to separate legitimate versus suspect devices. It adds an additional layer and strength to a company's security without changing the user's behaviour, without leaving tags on the device and without 'showing your hand' to the fraudsters.
If you would like to find out more about this new breed of solutions and would be interested in speaking to Ori Eisen, 41st Parameter's Founder and Chief Innovations Officer, and/or some of 41st Parameter's clients who have benefited from such an online fraud intervention solution, please get in touch with Manuela Whittaker on +44(0)1780 721 433 or email her at mwhittaker@iba-americas.com
Issuers of news releases, not Targetwire, are solely responsible for the accuracy of the content.