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Recourse for Online Credit Card Fraud.

RC Knox & Company, the insurance agency and subsidiary of People's Bank, has announced the formation of the eFraud Alliance and the eTailer Fraud Solution Insurance Policy (eFSIP) to protect online businesses from the risk of catastrophic credit card fraud losses. The eFSIP requires the use of Retail Decisions, Inc.'s fraud prevention and detection solutions to provide Internet merchants the ability to monitor online transactions, spot fraudulent transactions in real time and take steps to minimize fraud losses. The eFSIP also includes catastrophic fraud insurance coverage--which has flexible deductibles and limits--that protects the capital of Internet merchants while allowing them to sell products in a more secure environment. The policy insures Internet merchants for losses sustained by accepting credit card sales from a person or persons other than the authorized cardholder if the card is lost, stolen or counterfeit. This includes the use of a credit card number without the authority of the cardholder. The policy also covers losses from online credit card transactions when processed through an authorized fraud detection software vendor. The underwriting insurance company must approve the fraud detection software and risk management systems used by the merchant. For more information, call 203.338.3478 or visit
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Comment:Recourse for Online Credit Card Fraud.
Publication:Risk Management
Article Type:Brief Article
Geographic Code:1USA
Date:Oct 1, 2001
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