Online payment fraud is 30 times higher than in the physical world, according to Celent Communications. But researchers at the University of Southern California in the US and Newcastle University in the UK have invented a solution for online credit card fraud prevention, called Trusted Email, a patent pending technology. Trusted Email prevents credit card fraud for intangible e-commerce products, such as multimedia. “Trusted Email is the natural replacement for your postal billing address,” said USC’s Nien Sui, a co-inventor. Online credit card fraud is ever increasing and merely using a billing address as a verification method is no longer sufficient, especially for intangible products, such as multimedia. “Trusted Email and its accompanying full address verification system present a simple yet elegant, full-service solution to a huge global problem,” said Rohit Shukla, president & CEO of Larta, a California-based think tank. Trusted Email solution can relieve the merchants from chargeback penalties and relieve the consumers from fraudulent transactions.
