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Trintech Raises Profile of Online Security in Face of Increased Internet Fraud
20 December 2005
London, UK/Dallas, Texas - 19th December, 2005 - Trintech Group Plc
(NASDAQ: TTPA), a leading provider of transaction reconciliation and
payment infrastructure solutions, today announced it has launched a
campaign to raise awareness of the potential risks retailers face
when processing online payments this Christmas.
The secure card payments provider has reaffirmed its assertion that
more fraudsters than ever will seek to use the Internet to target
unwary shoppers - with retailers bearing the brunt of the losses.
With around £4 billion card payment transactions expected to take
place over the Internet this Christmas, and Internet card crime
already amounting to £58 million on UK-issued cards over a six month
period, Trintech is warning that the figures could rise unless
retailers step up the security of online shopping environments.
Raja Ray, Trintech's Director of Product Marketing, said although
many retailers were aware of new Internet payment protection systems
such as Trintech's PayWare Merchant MPI, many had not yet implemented
them. Others were still unaware of the new improved technology for
secure on-line card payments.
He said: "With the introduction of Chip and PIN in the UK, according
to figures released by APACS, the UK's payments association in
November, there has been a 29 per cent reduction in lost, stolen and
counterfeit cards and a 13 per cent drop in total card fraud losses,
but this has lulled many retailers into a false sense of security."
"The reality is that fraudsters have simply switched their attention
to the Internet. APACS figures show this area of fraud grew by
approximately five per cent in the first six months of the year, and
is rising."
Trintech, which has already helped a range of retailers with its Chip
and PIN and card authorization systems, reports growing interest in
its PayWare Merchant MPI, which provides secure Internet payment
protection. The MPI is a facilitating module which enables the card
issuer to validate the identity of the card user prior to completing
the transaction. It works with customer authentication systems,
known as 3D secure, adopted by card issuers such as Visa and
MasterCard.
Raja Ray added: "Increased customer confidence in online merchants
who adopt MPI is critical to the retailer, who always shoulders the
burden of the financial losses associated with fraud. It means they
can accept payments safely and securely, and reduce fraud and
chargebacks.
"PayWare MPI integrates completely with all types of authorization
and settlement systems, which is why we are urging retailers to
consider very seriously the benefits they will gain by taking this
very simple step."
About PayWare Merchant MPI
PayWare Merchant MPI reduces the cost of Internet fraud for retailers
and merchants. Trintech's robust and powerful offering enables
Internet merchants to migrate to a 3-D Secure™ environment by
providing a secure and easy-to-deploy merchant website plug-in (MPI)
solution to an existing authorization solution. 3-D Secure is an
initiative adopted by the card schemes to provide authentication
between the cardholder and card issuer for Internet card payments
transactions.
About Trintech
Trintech is a leading provider of transaction reconciliation and
payment infrastructure solutions to financial institutions, payment
processors, enterprise retailers and network operators globally.
Built on 18 years of experience, Trintech's solutions manage each
area of the payment transaction cycle from authentication,
authorization, settlement, dispute resolution and reconciliation -
enabling its customers to reduce transaction costs, eliminate fraud,
minimize risk, maximize cashflow and increase profitability. Trintech
can be contacted in Ireland at Trintech Building, South County
Business Park, Leopardstown, Dublin 18 (Tel: +353 1 2074000), in the
US at 15851 Dallas Parkway, Suite 855, Addison, TX 75001 (Tel: +1 972
701 9802), in the UK at The Colonnades, Beaconsfield Close, Hatfield,
Hertfordshire, AL10 8YD (Tel: +44 1707 632900) and on the web at
www.trintech.com.
Trintech Press Contacts:
Ireland:
Breda Leonard
Director Marketing Communications
Trintech Group Plc.
T: +353 87 205 4997.
Email: breda.leonard@trintech.com
UK:
Jackie Seear
T: +44 (0) 1932 247294. M: 07739 170663
Email: jackie@the-verbal.co.uk
Copyright © Hugin ASA 2005. All rights reserved.
SOURCE: Trintech Group Plc
Source: marketwire
All trademarks and copyrighted information contained herein are the property of their respective owners.
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