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Business offers new way to combat online credit card fraud

May 8th, 2008 Business Services, the market leader in global identity verification solutions, today announced that it has selected Digital Resolve, a leading provider of online fraud detection and prevention solutions, to enhance the power of IP address verification within its 192 Net-ID solution. According to a recent report by Nielsen Online, 85 percent of the world’s online population has made at least one purchase online, increasing the market for online shopping by 40 percent in the last two years. While these numbers are encouraging to online retailers, they also increase the number of Internet users that are susceptible to one of today’s most serious issues: online fraud.

Card fraud figures for 2007 recently released from APACS, the UK Payments Association, show that card-not-present fraud losses have increased by 37 percent and account for more than half of all card fraud losses. Much of this increase is directly attributed to the surge in the amount of people shopping online, and highlights the need for online identity verification services to protect merchants and account holders, both at home and abroad, where online payment fraud also continues to escalate as the number of online shoppers increases.

“IP address validation, which is the practice of checking where your customer is physically located while making an online transaction, is a crucial first step in preventing online fraud,” said Grant Greenwood, Commercial Product Director, 192 Business Services. “

192 Business Service’s Net-ID solution is designed to help online merchants in the fight against fraud by taking advantage of the fact that every device connected to the Internet has an IP address, and that behind that IP address is a host of computer identifying information. The system then leverages this information to identify mismatches between where the customer is connected to the web, the billing address and the shipping address. The ability to make comparisons between online and offline information is a key step in reducing fraudulent transactions, and has proven to be a cost-effective first line of defense in the transaction approval process.

By upgrading to Digital Resolve’s IP Intelligence, 192 Business Services has increased confidence that it is offering customers the most reliable data for verifying customer identity. With Net-ID, clients can look at transaction characteristics including:

* Geographical distance between the online user’s current physical location and his billing and shipping addresses

* The use of an IP anonymiser when “customers” connect to the web

* Other IP attributes, including domain, connection type, and ISP

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