Detection System Successfully Uncovers and Prosecutes Online Transaction Fraud; European Debit Processor Brings Internet Criminal to Justice.Business Editors and High-Tech Writers MONHEIM, Germany and SEATTLE--(BUSINESS WIRE)--Sept. 13, 2000 EuroDebit Systems GmbH, an Internet transaction processing Updating the appropriate database records as soon as a transaction (order, payment, etc.) is entered into the computer. It may also imply that confirmations are sent at the same time. Transaction processing systems are the backbone of an organization because they update constantly. authority today announced the first successful detection and prosecution of a criminal who tried to defraud To make a Misrepresentation of an existing material fact, knowing it to be false or making it recklessly without regard to whether it is true or false, intending for someone to rely on the misrepresentation and under circumstances in which such person does rely on it to his or the "DirectDebit(TM)" payment channel. Using transaction logs as evidence, EuroDebit prosecuted a German citizen following an attempt to bilk bilk tr.v. bilked, bilk·ing, bilks 1. a. To defraud, cheat, or swindle: made millions bilking wealthy clients on art sales. b. an online vendor through the filing of fraudulent The description of a willful act commenced with the Specific Intent to deceive or cheat, in order to cause some financial detriment to another and to engender personal financial gain. bank transactions to purchase goods on the Internet. In October 1999, EuroDebit first detected the suspect's efforts to defraud an online vendor of a purchase valued at DM 100,00. EuroDebit discovered the identity of the perpetrator A term commonly used by law enforcement officers to designate a person who actually commits a crime. while tracing the return debit notes debit note n → nota de débito or cargo debit note n → note f de débit debit note debit n → and by cross-checking log records for the debit process. Charges were filed against the individual in criminal court by RAE Pils, Neuber, Wegnaer of Krefeld, Germany. The suspect was convicted of the charges last month and fined DM 4.000,00. "Fear of online fraud represents a major obstacle to public acceptance of Internet commerce," said Bernard Schaer, chief executive officer of EuroDebit Systems, Inc. parent company of EuroDebit Systems GmbH. "At EuroDebit, we are implementing some of the most sophisticated methodologies available to insure Insure can mean:
"Safeguards against fraud and other improved security measures Noun 1. security measures - measures taken as a precaution against theft or espionage or sabotage etc.; "military security has been stepped up since the recent uprising" security benefit both the online consumer, as well as the merchant, since merchants, not banks, processors, or end users pay for transaction fraud," added Schaer. "Reduced risk for the consumer results in increased confidence and expanded business for online merchants." Operating throughout Europe under its proprietary DirectDebit program, EuroDebit offers electronic merchants an easy means to accept and process European debit and credit card transactions. About EuroDebit Systems GmbH EuroDebit Systems GmbH with offices in Monheim, Germany is a subsidiary of U.S.-based EuroDebit Systems Inc. EuroDebit is an Internet transaction processing authority that handles real-time, online debit and credit card transactions. Operating throughout Europe under its proprietary "DirectDebit(TM)" program, EuroDebit Systems is currently the only third-party transaction-processing company that offers online checking account debiting, as well as full credit card processing services for the European market. Further information on EuroDebit can be found under http://www.eurodebit.de and http://www.eurodebit.com. |
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