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News

3rd Man initiated fraud file to stop Christmas thieves in their tracks.

The 3rd Man : 06 December, 2007  (Technical Article)
Online fraud will be harder to accomplish during this festive season thanks to the National Fraud File set up by the 3rd Man earlier in the year and which is now tracking fraudulent behaviour and providing fraud protection in the run up to Christmas.
Fraudsters expecting to cash in during the festive period may find their thieving stockings empty this year because of the SuperSearch National Fraud File launched in August 2007 by the 3rd Man. Independent research conducted by Forrester Research revealed that over £13.8 billion will be spent online by UK shoppers, up nearly half on last Christmas. However, with the National Fraud File now tracking the behaviour of thousands of fraudsters, UK online fraud prevention will also be at an all time high.

"In the first four days of December 2007 we saw a 32% increase in volume of orders over last year. We also saw a 130% increase in the level of attempted frauds detected using SuperSearch, our online fraud scanning system," said Paul Simms, CEO of fraud protection specialist the 3rd Man. "In December we easily expect to prevent over £8 million in attempted fraud detected by the many retailers who use this service. This will rise significantly in the new year as disappointed fraudsters try to cash in on January sales.

"Against a background of high profile data breaches and scaremongering, this should come as good news to the millions of online consumers who use the Internet for safe shopping every day. The fact is that reputable retailers who take online shopping seriously have done something to protect themselves and their customers."

SuperSearch is a UK and international online 'neighbourhood watch' service that enables retailers, banks and consumers to protect themselves and each other from credit card fraudsters. The service works by enabling retailers to share information about fraudulent activity.

SuperSearch is based on The 3rd Man's sophisticated and highly secure fraud screening services which are used by retailers throughout the UK, including JJB Sports, Argos and Ticketmaster. SuperSearch works by providing retailers and banks in any location with a reciprocal connection to these fraud screening services. When a transaction is rejected or when a chargeback is received, this information is made available anonymously to all users of SuperSearch. Retailers and banks may then take action to prevent further incidences of fraud, not just in the UK but worldwide.

The shared SuperSearch database contains clearly fraudulent and highly suspicious data, including listings of bad or questionable details such as email addresses, delivery addresses, phone numbers and card numbers. The scale of SuperSearch is unprecedented as it already scans 20 million transactions per month and this is expected to rise as the service is implemented by more retailers. And with the recent acquisition of Early Warning, another company involved in the fight against card crime, the search database is now even bigger.

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