The Logic Group announced a partnership with information services company Experian. The collaboration provides what the firms call new integrated fraud prevention to merchants which offers identity verification, helping them to meet regulatory responsibilities.
This offers a single interface for payment processing and identity verification for mutual clients of The Logic Group and Experian, uniting Experianโs exhaustive fraud-checks with clientsโ existing payment checks.
Experianโs 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 says: โWhile 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.โ
The firms say that ID fraud is a serious problem that affects businesses and the consumer. According to CIFAS, incidences have increased by 244 per cent over the last four years.
Nick Mothershaw, Director of Identity & Fraud at Experian said: โCombining Experianโs unrivalled data assets and analytics with The Logic Groupโs 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.โ
The service also bolts on to The Logic Groupโs point-to-point encryption and tokenisation engines. Typically a merchant going direct to these partners will encounter issues with 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.
The Managed Fraud Service, with Experianโs identity and age checking authentication will be going live from May.
