Under the terms of the extended deal, The Logic Group will continue to provide its core payment card validation and authorisation service, with 3D Secure security support for all internet transactions. In addition, The Logic Group will now support the Admiral Group’s targets to combat fraud and control PCI DSS compliance costs. The Logic Group’s managed payment service currently processes almost GBP 18 billion of card transactions per year. The service is aimed at supporting developments in card payments including EMV, contactless, dynamic currency conversion and PCI DSS.
According to the National Fraud Authority, insurance fraud cost the UK industry GBP 2.1 billion in 2011.
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