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News

Card not present forum launches on May day

The 3rd Man : 01 May, 2008  (Company News)
The 3rd Man takes the next step in combating retail fraud by setting up the CNP forum is launched at the Retail Fraud show in London on May the 1st.
Card fraud protection specialist, the 3rd Man, has launched a card-not-present (CNP) forum designed to help retailers and other groups involved in the fight against card crime. CNP Forum, which has at its core a secure portal for sharing information will enable retailers and special interest groups, such as the banks and police, to share data and collaborate. CNP Forum goes live on May 1st.

By joining the CNP Fraud Forum, participants will have access to general help groups as well as the ability to get involved in industry specific user groups, such as gaming, travel and law enforcement, where members have similar challenges. Providing the ability to post and search fraud data, the CNP Forum website will have a bulletin board and facilities such as Instant Messaging.

Furthermore the CNP Forum will provide members with access to 3rd Man fraud analysts as well as free limited membership to SuperSearch, a shared data service which has already detected around 145,000 fraudulent transactions in 2008 (totally over £27 million).

"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," says Paul Simms, CEO of the 3rd Man. "Although several systems are in place to prevent fraudsters from plying their trade, 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.

"The invitation is for everyone with an interest in preventing card crime to get involved. As was the case with Chip and PIN, there is real momentum behind beating the CNP fraudsters and retailers are doing a very good job of protecting themselves and others. We hope the CNP Forum will be another positive step in this direction, particularly for retailers who are concerned about their online or mail order business."

In April 2008, the 3rd Man issued statistics which showed that CNP fraud in the UK is higher than official statistics suggest1 and is in danger of getting worse. Over £500 million of fraud was attempted during 2007. This information supported a BBC investigation into card not present crime.
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