Secure payment provider The Logic Group and Experian, the global information services company, are partnering to provide a fraud prevention solution to merchants via The Logic Group’s Managed Fraud Service (MFS).
According to the duo, the partnership 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 solution offers one interface for payment processing and identity verification for customers of both The Logic Group and Experian, marrying Experian’s fraud-checks with payment checks.
Experian’s range of identity verification and validation services enables organisations to verify 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, said: “While there is no scarcity of solutions available 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 affects both businesses and the consumer. According to CIFAS, the UK’s fraud prevention service, incidences have increased by 244% over the last four years.
Nick Mothershaw, director of identity & fraud at Experian, said: “Combining Experian’s data assets and analytics with The Logic Group’s payment systems brings a new solution to address customer needs. This partnership offers the market a scalable identity and fraud service that can be deployed across all channels.”