WorldPay offers guarantee against fraud on internet


City-based WorldPay has come up with the ultimate in e-commerce, a guarantee against fraud for businesses and their customers buying and selling over the internet.

WorldPay, based at the Westbrook Centre off Milton Road, believes it has scored a world first with the new scheme, which goes live next month.

It will cover all credit card and debit card payments made through WorldDirect, WorldPay's e-payment service.

Shoppers will get their money back if a business fails to deliver, and firms will be refunded when stolen or fraudulent cards are used.

Nick Ogden, WorldPay boss, said: 'Stories about internet fraud are almost certainly much over-done. There's no doubt, however, that it is an issue and that it has created worries in the minds of both businesses and shoppers.

'To that extent, concern about fraud is a barrier to adopting e-commerce and to date businesses alone have picked up any financial losses.

'The simple answer is to remove the problem, which is what the WorldPay guarantee does.'

WorldPay says the growth of e-commerce continues to be explosive, with global business to consumer trade expected to grow from $8 billion last year to $108 billion by 2003.

Estimated fraud-related losses are $200 million on total sales this year of $12 billion.