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A UK retail group is taking a group approach to fighting fraud
The Interactive Media in Retail Group’s Security Alert service will collect information about fraudulent transactions from members, then make that information available to all members.
A U.K.-based trade group, the Interactive Media in Retail Group, is shooting for a new merchant-based fraud screening service to be available to members by the end of this month. The IMRG Security Alert service will collect information about fraudulent transactions from members, then make that information available to all members. The database will feature the first line of a consumer’s address and postal code. Each entry will be coded as fraudulent, chargeback or suspect, with more designations possible.
Retailers will pay a one-time participation fee of £600 to cover initial upload of data and creation of merchant access. Uploading additional data will cost £100 for 10,000 records. Screening records would cost 8 to 13 pence.
The data is being hosted by CyberSource Corp. Merchants will be responsible for timely updates of erroneous information under guidelines set by the trade group.
The group is planning a review of the service in February to determine effectiveness and possible expansion.
The trade group says that merchants who have already expressed interest in participating include Argos Direct, Blockbuster, Carphone Warehouse, Digital Wellbeing, DVD.co.uk, FigLeaves.co.uk, GreenFingers.co.uk, LastMinute.com, Ocado, PetPlanet.co.uk, Screwfix, ThinkNatural.com and Zoom.