The Logic Group warns of low awareness of Payer Authentication and slow progress to meet deadline

Fleet - 30 April 2007

Secure transaction payment specialist The Logic Group has expressed concern that many UK businesses operating internet stores have been slow to comply with the global Payer Authentication standard Verified by Visa and MasterCard SecureCode. This is despite the looming June 30th deadline set by MasterCard if they wish to continue to accept Maestro cards. If merchants are not compliant by this date they face monthly fines of $25,000 as well as higher transaction costs and miss out on liability protection for fraudulent transactions.

Also their customers will not benefit from the increased security protection delivered by Payer Authentication - Verified by Visa and MasterCard SecureCode - which adds a further layer of security to the checkout process by authenticating a cardholder against a password lodged with their card issuer.

Recent APACS figures have revealed that Cardholder Not Present fraud has increased by 16% to a staggering £212 million last year. Uptake and implementation of Payer Authentication technology is vital to any online business as it stops fraud before it is committed and makes life more difficult for the criminals.

The Logic Group has responded by introducing a Payer Authentication Managed Service to take the pain out of introducing this new security technology. The service utilises the company’s OPAL Merchant Plug-In software application that has been relied upon by some of the UK’s leading merchants for the last two years. The service is delivered from a highly secure and resilient data centre and can easily be integrated into a wider card processing system. Early adopters come from the financial services, retail and leisure sectors.

"A managed services approach offers many benefits," commented Mark McMurtrie, Director of Marketing for The Logic Group. "System integration is easy, time to market can be significantly reduced, internal staff can be freed up to work on other projects and there is no need to invest in further specialist skills in-house.”

The Payer Authentication Managed Service checks to see if a cardholder is enrolled in Verified by Visa or SecureCode, allowing businesses to significantly enhance their fraud management capabilities while simultaneously minimising the number of genuine orders being turned away and the risk of upsetting genuine customers. The service removes a considerable headache for businesses’ day-to-day operations, instills customer confidence in online transactions and improves profitability.

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