New fraud service to protect Christmas shoppers

07/08/2007

A new online ‘neighbourhood watch’ style service that enables retailers, banks and consumers to protect themselves and each other from credit card fraudsters over the Christmas party season has been launched by credit card fraud protection specialist The 3rd Man.
SuperSearch enables retailers and banks to share information about fraudulent activity. Its technology is based on The 3rd Man’s existing secure fraud screening services which are used by prominent UK retailers including JJB Sports and Ticketmaster.
The 3rd Man is predicting that SuperSearch will be collectively saving retailers in the UK between £10m and £15m per month in 2008, with an estimated £20m saved over the 2007 Christmas party period alone.

When a credit or debit card transaction is rejected or when a chargeback is received, the information is made anonymously available to all users of SuperSearch. Retailers and banks are then able to take action to prevent further incidences of fraud during the Christmas party period and throughout the year.

The SuperSearch database contains clearly fraudulent and highly suspicious data, including listings of false or spurious details such as delivery addresses, email addresses, card numbers and phone numbers.
Online shopping is expected to reach record levels during the 2007 Christmas party season, so it is clear that a more coordinated approach to fighting card crime would benefit retailers, banks and consumers alike.