New method to beat credit card fraudsters unveiled / News / The Foreigner

New method to beat credit card fraudsters unveiled. Solution to save banks and consumers millions annually. Credit card fraud is big business these days. And it’s growing. What with people travelling and shopping on the Internet on an increasing basis, cards are a Mecca for the criminals. If you’ve ever been a victim of this type of crime, then you might remember the shock at getting the large bill, or receiving the call from your bank informing you of the matter. There’s a new player in town to combat identity-theft. The lockout According to dagsavisen.no, card owners will soon be able to use their usual Internet-banking site to bar transactions happening in any parts of the world. Should criminals try to use the card in any of these geographical areas, the result will quite literally be a big fat zero.

credit, card, fraud, internet, abroad, website, travel, shopping, crooks, criminal, swindle



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New method to beat credit card fraudsters unveiled

Published on Thursday, 23rd July, 2009 at 22:36 under the news category, by Michael Sandelson   .

Solution to save banks and consumers millions annually.

Security: Brass padlock on credit card
Security: Brass padlock on credit card
Photo: mayamaya/Shutterstock Images


Credit card fraud is big business these days. And it’s growing. What with people travelling and shopping on the Internet on an increasing basis, cards are a Mecca for the criminals. If you’ve ever been a victim of this type of crime, then you might remember the shock at getting the large bill, or receiving the call from your bank informing you of the matter. There’s a new player in town to combat identity-theft.

The lockout

According to dagsavisen.no, card owners will soon be able to use their usual Internet-banking site to bar transactions happening in any parts of the world. Should criminals try to use the card in any of these geographical areas, the result will quite literally be a big fat zero.

“We very much believe that the barring service will be an important tool in the battle to eliminate fraud. Even though the individual bank customer is not personally affected, this type of embezzlement creates unpleasantness and bother,” Asbjørn Hønsvall, head of public relations in EDB’s banking and finance division tells the paper.

Interest by banks

Approximately 80 percent of losses are the result of transactions made abroad or from buying goods on foreign websites. Unless you have been grossly negligent – by, for example, keeping the PIN code and card together – it’s the banks that pick up the bill. Naturally, they would like to keep their liabilities as low as possible.

Handelsbanken is the first bank to use the new system, with positive results, it seems.

“A fraudulent transaction in Hong Kong was declined as recently as Tuesday this week. Because the customer had barred the card for use in this area...the bank saved 17,000 kroner,” says Sigbjørn Hoff, in charge of cards at the bank.

Last year, credit card swindle cost the banks 200 million kroner. EDB Business Partner estimates that this figure is set to rise to 300 million in 2009.



Published on Thursday, 23rd July, 2009 at 22:36 under the news category, by Michael Sandelson   .

This post has the following tags: credit, card, fraud, internet, abroad, website, travel, shopping, crooks, criminal, swindle.





  
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