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VeriSign's New Weapon Against Digital Shoplifting
June 18, 2003
Looking to fight what it calls "digital shoplifting," VeriSign, Inc. Wednesday launched its Fraud Protection Services.
The initiative is designed to help protect online merchants from losses such as the use of stolen or bogus credit card numbers. Mountain View, Calif.-based VeriSign has a vested interest since it offers products for network security and online payment processing, while its Network Solutions subsidiary handles domain name registration for the .com and .net top-level domain.
Online fraud is growing faster than e-commerce itself, VeriSign chairman and CEO Stratton Sclavos during a conference call to reporters noting it was up 114 percent in 2002.
"As we've seen a shift in the economy to an online environment and digital commerce, we're also seeing a shift in where crime happens," Sclavos said.
Sclavos said his new Fraud Protection Services bring pattern recognition and advanced filtering applications to bear on several combined sources of information proprietary to VeriSign in order to identify suspicious shopping patterns. Data sources include the IP addresses in the .com and .net domains and transactions and fraud reports from the 89,000 customers of its online payment services.
"You have a much better chance of catching a crook if you can follow his or her activities across sectors and industries," Avivah Litan, vice president and research director, financial services for research firm Gartner told internetnews.com. "VeriSign sits on a wealth of information that's already been used to catch a lot of criminals."
More details at: http://siliconvalley.internet.com/news/article.php/2224341
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