Scientific Anti-Fraud Laboratory Becomes Available Online

Doing business online today is risky for the merchant and the client, as fraudsters increase and many are developing state-of-the-art techniques for fraud assault. WhyLabs` statistics shows that the average loss to fraud victims has risen by almost 70% in 2004 vs. 2003.

Why Laboratories Corporation specializes in studies of online fraud activity and developing technologies to help business avoid becoming a fraud victim. WhyLabs data and results have been securely harnessed into the WhyLabs database and made available on http://www.whylabs.com. They go online to interact directly with e-businesses and provide professional help in fighting off fraud attempts.

“To be protected, businesses must stick together in their fight to eliminate fraud. Even the strongest anti-fraud institutions are too weak to overcome the problem solely, therefore all law-abiding online actors must cooperate. We call on all e-businesses to assist our research work. We encourage them to notify us about any fraud attempt noticed, complete our questionnaires and use our proven fraud-prevention tools. It will help us to investigate and hinder illegal online activity,” WhyLabs Chief Manager Dennis Drausett says.

WhyLabs will continue to carry out its scientific anti-fraud research. However, now all its reports, statistical information and investigation results will be open to the public. In addition to simple giving information, WhyLabs introduces its anti-fraud services for online merchants.

“We detect credit card fraud for businesses. It`s that simple for merchants,” Drausett said. “In the laboratory, we developed a system which verifies a transaction by passing its information through a number of filters. The process takes 5 seconds or less. Then we make a scoring of the transaction`s fraud possibility and send it back to merchant. Our reports are based on years of research and a database of real world transaction data.”

WhyLabs is providing its services at no cost until Aug. 7, 2005.