RealTime IT News

Global Organization to Crack Down on Net Fraud

The Worldwide Ecommerce Fraud Prevention Network went live today, kicking off its mission to crack down on fraudulent ecommerce transactions around the world. The network's site claims to provide free expert advice for online businesses on how to combat internet fraud, such as unauthorised credit card transactions.

The site, merchantfraudsquad.com offers a number of tools for combating fraud through secure servers and digital signature implementation. The site also offers tips for consumers about how to protect themselves online. Jennifer Bennett, co-chairwoman of the Fraud Prevention Network, said that: "Combating online fraud represents a huge challenge since merchants can be vulnerable to a wide range of criminal tactics, even if their own web sites are secure. The Network seeks to identify these vulnerabilities and provide smart solutions for fighting back."

Merchantfraudsquad.com is the first initiative of the Fraud Prevention Network, a not-for-profit organisation headed up by American Express and partners, including Amazon.com, Buy.com, ClearCommerce, Expedia.com and First Data Corp. among others. The coalition claims that since its launch last year, more than 375 businesses and organisations around the world have signed up as members.

"The number of companies that have joined the Network over the last three months indicates a broad interest in learning more about combating online fraud. As more merchants use our site to get educated and adopt fraud prevention practices that fit their businesses, we hope they will see a meaningful reduction in fraud losses," said Travis Fagan, co-chairman for the Network.