Cork company, Trustev leading the fight against online credit card fraud
Fine Gael Ireland South European Candidate, Deirdre Clune, has praised Cork technology company Trustev for their role in defeating ecommerce fraud. There are over 250 million compromised credit cards for sale online today according to Trustev, which is at the forefront in the global battle against credit card fraud.
“I was struck by the figures announced by Trustev which show that global credit card fraud is costing €3.5 billion annually, with online merchants losing nearly 1% of all sales to fraud. At least 29% of fraud attempts involved information gleaned from social networks or social media, often via manipulative means.
“Trustev has grown from three to 19 employees in just under 12 months and now operates in five countries with more than 100 customers. The business verifies online shoppers’ identities using various data points from social fingerprinting to deep location, email verification and device ID.
“Trustev have informed me that in the past 12 months, the world has seen a deluge of personal identity information and credit cards leak online. The ease with which fraudsters can now buy and use credit-card information is shocking. The majority of online merchants just aren’t ready for it.
“The modern fraud industry is entirely data driven, but until now it has been hard to know just how much risk retailers are facing. This is a real issue for Irish companies who trade online and I commend Trustev for leading the fight in this growing area of online security”