Rise in credit card fraud predicted for 2009
By UK CreditCards.com
Most financial services firms believe that credit card and other types of electronic fraud will increase this year, according to a new study.
Research by risk management software provider Actimize found that more than four out of five companies expect fraud to increase in 2009. Additionally, seven out of 10 reported an increase in credit card, debit card and cash machine fraud in 2008, compared with the previous year.
Amir Orad, Actimize executive vice president, suggested that companies should bring in real-time fraud prevention technology, which is capable of identifying fraudulent transactions as they happen. "Real-time analysis and blocking has historically been very challenging and either didn't work or resulted in a high false positive rate due to technology limitations," he said.
"It is certainly our own experience and the belief of the research respondents that today's modern fraud solutions can be very efficient at real-time prevention and can provide a major performance lift."
Just a quarter of the respondents to the survey said that they were able to analyse and stop fraudulent transactions in real time.
Published: 14 May 2009
- Your credit limit: use it or lose it – Thanks to new rules, you may find unused credit cards or credit limits taken away in the next few months ...
- What's safer: your card details or your health details? – According to a study, more Brits trust their doctor than their card issuer. But is that mistrust unfounded? ...
- Section 75 and third parties: when you aren't protected – Section 75 may not apply if the relationship between the debtor, creditor and supplier is broken by a third party ...