Unity is strength in the fight against card not
present (CNP) fraud believes UK card fraud protection specialist
3rd Man.
present (CNP) fraud believes UK card fraud protection specialist
3rd Man.
To promote this concept Man has launched a CNP
forum designed to help retailers, banks, police and other groups
involved in the fight against CNP crime to share data and
collaborate.
forum designed to help retailers, banks, police and other groups
involved in the fight against CNP crime to share data and
collaborate.
“With the threat of CNP fraud at an all time
high and growing, retailers face potential losses if they are
unable to keep pace with the fraudsters,” stressed 3rd Man’s CEO
Paul Simms.
high and growing, retailers face potential losses if they are
unable to keep pace with the fraudsters,” stressed 3rd Man’s CEO
Paul Simms.
He continued that while several systems are in
place to prevent CNP fraud, sharing data, information and tips is
proving to be a major obstacle to criminals.
place to prevent CNP fraud, sharing data, information and tips is
proving to be a major obstacle to criminals.
“By acting collectively, retailers can stem the
tide of fraud because they are protecting each other with good
information and informed opinion,” he added.
tide of fraud because they are protecting each other with good
information and informed opinion,” he added.
According to 3rd Man, CNP fraud is higher than
official statistics suggest. While UK industry body APACS reported
a 37 percent increase in CNP fraud to £290.5 million ($566 million)
in 2007 this included only losses on cards issued in the UK. If
cards not issued in the UK are included 3rd Man estimates that over
£500 million of CNP fraud was attempted in the UK in 2007.
official statistics suggest. While UK industry body APACS reported
a 37 percent increase in CNP fraud to £290.5 million ($566 million)
in 2007 this included only losses on cards issued in the UK. If
cards not issued in the UK are included 3rd Man estimates that over
£500 million of CNP fraud was attempted in the UK in 2007.
Emphasising the importance of the CNP forum 3rd
Man noted that shared data is responsible for detection of about 20
percent of card fraud, a level the company feels will rise as more
retailers join shared data schemes.
Man noted that shared data is responsible for detection of about 20
percent of card fraud, a level the company feels will rise as more
retailers join shared data schemes.
In 2007 shared data helped 3rd Man prevent card
fraud totalling £33 million.
fraud totalling £33 million.
Go deeper with GlobalData
