the-saleroom.com’s 3D secure service reduces fraud and non-payment by 40%
27 February 2013
the-saleroom.com continues to experience phenomenal increases in both traffic and bidders. In January 2013 the-saleroom.com generated an average of 236 registered bidders per auction – a 20% increase on January 2012. Despite this growth, the-saleroom.com has experienced a 40% decrease in the volume of reported fraud and non-payment thanks to ATG Media’s investment in anti-fraud measures.
In April 2012, the-saleroom.com introduced a new level of security whereby bidders have to pass through the Verified by Visa or MasterCard®SecureCode™ services when registering for an auction. The service asks the bidder to enter their 3D secure code when entering a payment card. If the correct code is entered, then the card is confirmed as belonging to the person entering the card. As a result of this new service, reported incidences of fraud and non-payment have reduced by 40%.
Despite this dramatic decrease in fraud and non-payment, ATG Media are taking additional steps to make the-saleroom.com even safer for auctioneers.
the-saleroom.com already verifies emails. When a bidder registers for the first time, the-saleroom.com checks whether the email functions correctly before allowing the bidder to proceed. In addition, ATG Media will be introducing phone verification. When a bidder enters or changes their phone number, the-saleroom.com will call or text a unique code to the phone number given. The bidder will then enter this code into the site, thereby confirming that the phone number they have entered is correct.
For more information, call Mark Holdaway on +44 (0)20 7420 6649.