Secure payment provider The Logic Group and Experian, the global information services company, are today announcing a partnership that will provide an integrated fraud prevention solution to merchants via The Logic Group's Managed Fraud Service (MFS).
The partnership with Experian offers organisations fast and accurate identity verification, aiding their fight against fraud and helping them to meet regulatory responsibilities, where understanding factors such as the age of customers is vital to trading. The multi-channel fraud solution offers a single interface for payment processing and identity verification for mutual clients of The Logic Group and Experian, uniting Experian's exhaustive fraud-checks with clients' existing payment checks.
Experian's range of identity verification and validation services enable organisations to electronically verify vital information about their customers in real-time, helping prevent them supplying goods or services to underage customers and highlighting potential cases of identity, card-not-present and delivery fraud.
Robin Adams, director of security fraud and risk management at The Logic Group comments, "While there is no scarcity of solutions available that have been designed to tackle fraud, many are point products and will only address certain areas of vulnerability. In order to fully assess exposure across a business, organisations should look to experts who can draw from a wide range of sources and have experience working within multichannel environments."
ID fraud is a serious problem that affects both businesses and the consumer. According to CIFAS, incidences have increased by 244% over the last four years.
Nick Mothershaw, Director of Identity & Fraud at Experian said: "Combining Experian's unrivalled data assets and analytics with The Logic Group's payment systems brings a compelling new solution to address customer needs. This partnership offers the market a unique, scalable identity and fraud service that can be deployed across all channels."
The service also bolts-on to The Logic Group's point-to-point encryption and tokenisation engines. Typically a merchant going direct to these partners will encounter issues withh sending card data while retaining PCI DSS compliance; with the MFS however card data is encrypted using tokens, reducing the scope for non-compliance dramatically.