Fraudster habits may help battle with CNP

Market watcher releases fraudster profiles to help beat the perpetrators of crime

Fraud prevention specialist Retail Decisions has released fraudster profiles which it has claimed could help resellers win the battle against card-not-present (CNP) fraud.

The firm has collated hundreds of characteristics of typical CNP fraudsters using data from more than 100 major retailers and service providers.

The findings show that fraudsters are twice as likely to make a fraudulent transaction between 11pm and midnight than they are between 9am and 10am. They are also most likely to buy goods such as Nokia pre-pay mobile phones, Sony laptops, Canon camcorders and digital cameras.

Carl Clump, chief executive of Retail Decisions, said: “This will certainly help resellers combat fraud. They need a fraud prevention scheme that pools not just their own data but other resellers’ so that they get a clearer picture.”

Mark Bowerman, representative for the Association of Payment Clearing Services, said: “Retailers need to assure themselves as far as possible that a transaction is genuine, so if these are genuine habits of fraudsters then it could help assist retailers in assessing the legitimacy of a transaction.”

Eddie Pacey, director of credit at Bell Microproducts Europe, said: “Any kind of information that establishes a pattern has got to be useful. If resellers spot a trend it is important that they look to see what it is that leaves them open to attack.”