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July 04 2008
IMRG links with Ethoca
IMRG has recruited anti-fraudsters Ethoca to help its members collaborate against fraud
Earlier this week 192.com and 3rd Man got together to share anti-fraud technologies with ecommerce and online gambling operators and now it’s the turn of the IMRG and Ethoca.
IMRG has recruited Ethoca to help reduce card not present fraud for it’s 270 plus member organisations. Ethoca’s system works by connecting its members to a collective pool of member-provided payment experience information, Ethoca then enables the members to make more informed decisions about their customer transactions without giving away any sensitive business information..
The collaboration is claimed by Ethoca’s President Keegan Johnson to be “the first of its kind on such a large scale anywhere in the world” adding "We are thrilled that such a respected, long-standing and vast group of e-retailers are joining in the global fight against fraud. Together we're turning the table on the fraudsters."
Ron Gainsford, chief executive of the Trading Standards Institute (TSI) said: "TSI welcomes IMRG's initiative with Ethoca, in that it enables the e-retail industry to fight fraud with its most powerful weapon - industry-wide collaboration. Online fraud is a serious and growing problem that we must all work together to prevent. With so many consumers and businesses relying on the internet as a primary shopping channel, it's high time that such developments were introduced, in order to make it as safe as possible for all. IMRG's practical approach acknowledges that there are no easy answers, and sets out to bring all of the industry's resources to bear on the problem."
It will be interesting to see what effect the link has, we hope it works, but we suspect that part of the fall-out from the collaboration is that the fraudsters will simply go elsewhere, and target anyone who is’nt an IMRG member.
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