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ClearCommerce issues warning on triangulation scam.


ClearCommerce, a provider of fraud prevention and payment processing solutions for online retail, has identified a scam known as triangulation.

According to the company, this scam involves buyers obtaining goods ranging from first class flight tickets to camcorders from legitimate retailers, but paying the fraudster for the goods. ClearCommerce has said that the fraudsters, which often originate from the Eastern European block, advertise for high value goods that they do not own at heavily discounted prices in online auctions. Once a bid has been accepted the fraudster will place and order from a legitimate retailer using stolen credit card details, and arrange for the goods, such as too-good-to-be-true plane tickets, to be delivered to the customer. The customer then pays the fraudster, typically using wire transfer or a P2P service (rather than the retailer) for the goods.

The fraudster is reportedly able to book the tickets in the customer's correct name and the customer only realises that s/he has been involved in a fraudulent transaction when contacted by the retailer once the chargeback has been received.

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Publication:Internet Business News
Article Type:Brief Article
Geographic Code:1USA
Date:Nov 23, 2004
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