Acting on behalf of investors and employees

These aren't normal times. Accounting scandals have battered confidence in Corporate America. I-fraud has spun the crisis into an opportunity. They provide their expertise in corporate financial controls. Advising audit committees -- the independent panels set up by directors to oversee audit operations at companies -- and counseling other financial executives is proving big business for i-fraud. Corporate officers and independent board directors now face scrutiny from shareholders, lawmakers, hungry attorneys acting on behalf of investors and employees. The nature of shareholder litigation is changing too.

The SEC's recent directive demanding that CEOs and CFOs of major companies personally certify financial statements has made company boards seek external help more than ever. As lawsuits pile up, company directors are now becoming more proactive in monitoring and their checking their systems, i-fraud said. Many of those systems put into place in the 90’s no longer exist with reductions in staff levels. Companies are paying more attention today to the independence of audit committees. Even members of these bodies are seeking advice in several areas, including questioning the suitability of some of their members.

Our Focus

Our focus is technical expertise to merchants to stop or slow financial invasion and coordination of activities involved within white-collar crime matters including, but not limited to financial systems, banking and access device fraud. Forgery, abuse, cyber crimes, white collar crimes all require merchant solutions and payment application development for electronic payments products using access device over the internet.

E-commerce on retail Web sites is the wave of the future. However, fraud on the Internet is taking its toll on electronic retailers (e-tailers), who are getting hit not only by Internet fraud, but also by the credit card companies.

A survey reveals that 12 times more fraud exists on Internet transactions and that e-tailers are paying credit card discount rates that are 66 percent higher than traditional retailer fees. Moreover, Web merchants bear the liability and costs in cases of fraud, while credit card companies generally absorb the fraud for traditional retailers (as long as the retailer follows procedures and saves a physical signature on a credit card transaction receipt).

While this commentary deals only with US based merchants with US based merchant accounts i-fraud deals globally within operating regions of access device issuers, acquirers, and processors. Surveyed e-tailers reported that their average credit card discount rate was 2.5 percent plus about 30 cents a transaction. The same average for traditional retailers is about 1.5 percent plus 30 cents a transaction. Therefore, a merchant may pay credit card processors $2.80 for selling a shirt online, but pay only $1.80 for the same transaction in the physical store. Another kicker is that e-tailers spend about four times more to resolve and process chargebacks than retailers do.

The bottom line is that e-tailers are getting hit from all sides. They suffer from fraud that is 12 times higher than it is in the physical world; they incur the costs of all disputes and fraud resulting from Internet sales; and they pay discount rates to the credit card companies that are 66 percent higher than physical world fees. Furthermore, e-tailers must pay for Internet payment gateways and fraud detection, which can add another 50 cents to each transaction.

Meanwhile, credit card companies have failed to offer e-tailers a cost-effective solution for fraud prevention. There is no incentive for a credit card company to break this unfair fee structure for e-tailers.

Contact Information

You may find i-fraud a cost-effective alternative with a complete array of technically advanced services and capabilities. Responding quickly to us at i-fraud.com may greatly reduce potential damage and monetary losses. Sadly, you most likely started looking at us as a solution after you've discovered e-payment electronic payments problems.

Our fees vary (much as you would expect of your attorney, doctor or accountant) depending on the scope of the assignment. ALL communication is confidential. Your response by e-mail must include specificity of the incident.

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These materials have been prepared for educational and information purposes only. They are not legal advice or legal opinions on any specific matters. Transmission of information is not intended to create, and receipt does not constitute, a lawyer-client relationship between i-fraud, the author(s), or the publisher and you. Internet subscribers and online readers should not act upon this information without seeking professional counsel The opinions expressed in the articles found are those of the author(s), or the publisher and not those of i-fraud.

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