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"Bank tries to crack down on credit card fraud"

By admin | March 22nd, 2009 | Credit Cards

One High Street bank is trying to clamp down on card fraud by introducing new technology that could help to tackle this rising problem.

Card fraud has become a massive problem over recent years, and some industry officials have said that the recession and the global financial crisis could lead to credit card fraud rising further, which means that more and more people could find themselves falling victim to this type of activity.

The measures are being brought in by HSBC banks, and around ten million card holders will be affected along with millions of card transactions. Whilst the measures are designed to give card holders additional protection through increased security measures, some have expressed concern that many legitimate transactions could end up being queries or even cancelled as a result of the new security being introduced.

Those travelling abroad with their cards are advised to take a number of payment options, as officials have said that they could otherwise find that some of their transactions are queries or cancelled, which could make things very difficult for them. Previously only around 25 percent of card transactions were checked by HSBC but with the new technology all transactions will be checked in real time, and a decision made on each one.

One industry official said that banks were constantly having to look at new ways to deal with card fraud. He said: “Card fraud is an arms race. The banks will come up with one way of dealing with it, the fraudsters will come up with a way round it. What we have seen with chip and pin – it was successful for 18 months, two years – the fraudsters have worked a way round it, so we are now looking at more sophisticated means.”

Tags: credit card fraud, credit card security, hsbc

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