VeriSign announces anti-fraud service

Friday, 20 June 2003, 2:22 PM EST

VeriSign Inc. is launching a new service to thwart online fraud with support voiced from at least one major credit card company.

On Wednesday, the company unveiled VeriSign Fraud Protection Services, a subscription-based service that helps merchants spot fraudulent online transactions.

The heart of the service is a new fraud detection engine, developed by VeriSign, that uses information derived from more than $20 billion in online transactions managed by VeriSign to model different kinds of online fraud behavior, according to Trevor Healy, vice president of payment services at VeriSign.

The new service concentrates on spotting three common types of online fraud activity: product theft, identity fraud and cash fraud, Healy said.

Product theft refers to the use of stolen credit card information to make unauthorized product purchases. Identity fraud refers to the theft of individuals' personal information, including financial information, from online transaction systems. Cash fraud refers to the use of online transaction systems to issue unauthorized refunds to a credit card, according to Healy.

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