Experian Taps CardCops.com in Fraud Fight

COSTA MESA, Calif. – Experian, a business solutions provider, and Malibu-based CardCops.com, an organization that monitors the Internet for compromised credit cards, have joined forces to help credit card issuers fight fraud. Here is how it works, CardCops monitors the Internet daily to detect whether any credit cards issued by participating Experian clients appear to have been compromised. As cards are detected in the daily search, the information will be deposited in secure FTP (File Transfer Protocol) sites established for each credit card issuer enabling them to monitor usage to determine if the cards have been stolen. Credit card grantors will then determine the appropriate course of action. The new fraud detection resource will be offered exclusively through Experian to financial institutions that grant credit cards or process online credit card transactions. According to a Gartner study, credit card information theft costs an estimated $1 billion yearly.