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News

Card fraud protection expanded with acquisition.

The 3rd Man : 09 November, 2007  (Company News)
The 3rd man acquires Early Warning UK to set up the most comprehensive card fraud prevention system in the UK for on-line retailers.
“Ecommerce figures suggest that 95% of all online fraud detected involves more than one retailer. It is clear from this figure that the way forward for Internet traders is to share their data” – Paul Simms, CEO, the 3rd Man.

The 3rd Man Group, which specialises in protecting retailers and consumers from card not present (CNP) fraud, has acquired online credit card fraud company, Early Warning UK. By adding Early Warning’s unique CardAware database to the 3rd Man’s SuperSearch system, which enables retailers to share information on high risk transactions, the move will provide on-line traders with the UK’s single most powerful fraud protection service.

Established by Internet fraud victim Andrew Goodwill in 2002, Early Warning UK provides fraud-busting services to a wide cross section of online retailers, enabling them to post details of actual or attempted internet crime, as well as searching to see if 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 saving them collectively in excess of £10 million per month. The 3rd Man also operates SuperSearch – a national Card Not Present Fraud file. SuperSearch saves retailers millions of pounds by enabling them to share and monitor information on high risk transactions that are deemed to be fraudulent. Corporate SuperSearch users include JJB Sports, Woolworths, Ticketmaster, Halfords, Argos and many other leading businesses.

Commenting, Andrew Goodwill, Managing Director of Early Warning, said: “Our CardAware service has already saved Internet merchants millions of pounds in avoided fraud and chargebacks. Data-sharing is a proven method of fraud prevention, so now, by pooling resources with The 3rd Man, we can together be even more effective in protecting UK businesses.”

Paul Simms, Chief Executive of the 3rd Man, said: “By bringing Early Warning under the 3rd Man umbrella, our aim is to develop a massive and dynamic system of information sharing which will be used by retailers to protect themselves and their genuine customers. The ability now to share fraud data with Early Warning as well as learning from their experiences is a major boost in the fight against card crime.”

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 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.


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