Worldpay unveils anti-fraud system

Payment systems specialist Worldpay has released a system to protect customers purchasing on the internet against fraud by pin-pointing the buyer's location.

The system is based on the Global Positioning system, commonly used in sea and air navigation to determine your own location within a few metres.

Worldpay is proposing its customers use the system to verify high value transactions between themselves and their suppliers.

The system, called Genesys, is an add-on which can be connected to the buyer's PC. Within the box are two chips, one of which encrypts transaction requests to Triple DES (data Encryption Standard).

The other chip simultaneously provides the buyer's exact location to prove that the transaction request is bona fide.

In a statement, Worldpay chairman and CEO Nick Ogden said: "This product takes internet transaction security to a completely new level. WorldPay has been supporting the checking of cardholder authenticity by verifying card numbers against the registered cardholder address and other details for some time now, but what Genesis does is verify the actual location in real time of the person or business making the purchase."