One of the group's key strategies will be to share fraud prevention information and best practices with merchants of all sizes in order to improve Web security and decrease the costs associated with fraud.
Merchants often bear the cost of fraud when stolen cards are used to purchase goods at their site.
American Express has a long history of partnering with its merchants to help them grow their businesses. By design, all of the Founding Members of the Fraud Prevention Network represent diverse points of view, and therefore, bring a wide variety of fraud expertise to the organization. Paymentech and First Data bring the expertise of leading credit card processors. American Express, the Network's original founder, understands both the perspective of its Cardmembers and its merchant partners, and has a variety of sophisticated fraud tracking tools in place to help monitor and prevent fraud from occurring. The Worldwide E-Commerce Fraud Prevention Network will conduct a number of activities to promote increased security.