E-Commerce Companies Form Web Fraud Prevention Council
The Internet Fraud Prevention Advisory Council (IFPAC) was formed yesterday by six Internet e-commerce companies to reduce the risk and monetary costs of Internet fraud. IFPAC cites a PricewaterhouseCoopers study that estimates that fraudulent Internet and e-commerce transactions account for as much as half the annual total of $32 billion in fraud a year.
IFPAC will: aggregate data and statistics about Internet fraud and its prevention; conduct research to document and better understand Internet fraud; identify Internet fraud trends; develop and report on case histories relative to Internet fraud; promote new technology for securing Internet payment transactions and enhancing consumer convenience and security; and report Internet fraud prevention best practices.
The charter members include: HNC Software; EC Direct; CyberCash Inc.; Signio (formerly PaymentNet); ShopNow.Com Inc.; and ebit.net, a subsidiary of Transaction Billing Resources.
