Internet Fraud Authority Launched

The National Fraud Center Inc., Horsham, PA, a global provider of risk solutions, fraud prevention and interdiction programs, announced this week the launch of Internet Fraud Authority LLC, an online security and advisory division that will provide customized information, public guidance and consulting services to companies engaged in critical e-commerce transactions worldwide.

The company says the new service will provide key safeguards to businesses seeking to reassure consumers and clients that their online transactions are sufficiently protected against fraudulent transactions and violations of corporate or personal privacy.

In a published statement, Dave Gilmore, chief operating officer for IFA, said the news translates to more comprehensive protections for the corporate sector. “For the business community, this means increased opportunities because the potential exposure to fraud is greatly reduced [with our program].” He said, “for consumers, it means greater privacy and more secure transactions. For everyone, it means that the Internet becomes a safer, more trusted environment to conduct business.”

Numerous privacy studies and national polls, including a recent report prepared by Forrester Research Inc., Cambridge, MA, point to persistent concerns among the majority of consumers about the security of financial transactions over the Internet. And Gilmore claims increased growth in the medium will only accentuate consumer demands for companies to adequately safeguard the security of their personal transactions.

“Due to the explosive growth of e-commerce, it is only logical that fraudulent activity on the Internet will experience similar growth and today's sophisticated consumer has a right to be concerned about issues such as security, fraud and privacy while online,” he said.

The Internet Fraud Authority says it plans to offer security consulting services that analyze online transaction processes and integrity risks; provide reviews of procedures for e-commerce operations, inventory control and fulfillment; and provisions for implementation of fraud prevention strategies including software, content data and modeling technology. The IFA will also provide independent evaluations of Web-site security practices.

Norman A. Willox, Jr., who was named IFA's president/CEO, said losses caused by financial fraud have increased over the past few years. He said the impact on consumers “has been significant with thousands of people having their identities stolen and used fraudulently each year. It is important that consumers and businesses have the tools to fight back.”

IFA's parent corporation, The National Fraud Center, was started 1982. The company owns and operates the National Fraud Alert — an electronic subscription service detailing information related to economic crimes and the National Fraud Bulletin — a monthly publication outlining the latest fraud schemes and their likely perpetrators.

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