ai Corporation partners with The 3rd Man on card fraud detection solution

Internet Business News
08-15-2005
ai Corporation (aiCorp), a provider of payment card fraud detection and prevention software, has announced it has signed an agreement with The 3rd Man Ltd, a developer of screening services, to offer Internet Payment Processors and Card Not Present Merchants a solution to card fraud detection and prevention through the Internet.

In 2004 in the UK, CNP fraud cost GBP150.8m, an increase of 24% on the previous year. Research has estimated that 10% of current online purchases are fraudulent.

Under the terms of agreement, ai Corp and The 3rd Man will offer a joint solution, which will monitor, detect and manage all forms of card fraud. The solution, delivered in both real-time and off-line, will reportedly stop fraudulent transactions before they are completed.

No financial details of the agreement were disclosed.

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