Payment Card News

I-Fraud Fighter

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The Worldwide E-Commerce Fraud Prevention Network went online this week. Merchantfraudsquad.com is the first initiative of the fraud prevention network, a not-for-profit organization formed last fall by American Express and its coalition partners Amazon.com, buy.com, ClearCommerce, Expedia.com, First Data and Starwood Hotels. To-date, 375 businesses and organizations have signed up as charter members. The Network seeks to educate merchants about fraud prevention techniques and to encourage online enterprises to adopt best practices and anti-fraud technology. Among suggestions recommended to e-merchantsobtain real time authorization; employ address verification systems; use credit card verifications codes; purchase rule-based detection; and purchase predictive statistical models. For more information visit www.merchantfraudsquad.com.

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