|The ai Corporation, a leading provider of payment card fraud detection and prevention software, today announced it has signed an agreement with The 3rd Man to offer Internet Payment Processors and CNP (Card Not Present) Merchants an enhanced solution to card fraud detection and prevention through the Internet.|
The ai Corporation (aiCorp) and The 3rd Man will offer a joint solution. The combined service monitors, detects and manages all forms of card fraud, from traditional types such as groups of fraudsters using compromised details or using mail forwarding addresses to the identification of recent fraud trends such as those frauds involving the compromise of mass volumes of data. Fraud alerts will stop a fraudulent transaction before they are completed. The solution offers the best of both worlds being delivered in both real-time and off-line.
‘aiCorp’s SmartAuth and The 3rd Man services complement each other perfectly.’ commented Mark Carter, CEO of aiCorp, ‘The combined service enables clients to reduce financial losses, save time, increase profitability with a rapid return on investment. It also gives the client a flexible and a powerful investigative tool for the detection of card fraud over the Internet.’
Payment Processors and CNP Merchants will benefit from the new partnership. The combined offering provides a complete solution to the ever increasing threat of payment card fraud. With the roll out of CHIP and PIN solutions, predicted to be completed in all major retailers in the UK during 2005, fraud is expected to be driven to CNP channels. In the UK alone, CNP fraud cost £150.8 million in 2004, up by 24% on the previous year. Research has estimated that 10% of current online purchases are fraudulent. (source APACS 2005 and Meridian Research).
Paul Simms, Director of The 3rd Man, said ‘We are delighted to have secured this partnership with the aiCorp. SmartAuth will add further advantages to The 3rd Man services which are already particularly strong in detecting fraud. We recognise, however, that the combination of real-time services together with off-line detection is the ideal solution to address the problem of CNP fraud. This agreement will enable The 3rd Man and aiCorp to offer their clients a comprehensive solution incorporating the latest technologies to protect both themselves and their customers.’
For further information, please contact Gillian Lomax, The ai Corporation on +44 (0) 1803 211341 or firstname.lastname@example.org. Alternatively visit our website at www.aicorporation.com.