Banks and customers all agree that card abuse is on the increase. New technology will always bring new concerns, and we must all play our part to keep our personal details safe from criminals
Card fraud is on the increase. 40 percent of all card fraud is committed abroad, and even at home, in the first half of 2008, figures showed a rise of 14 percent. HSBC is looking to introduce programs that will affect up to 10 million card accounts and many millions of card transactions – which may well mean that many card transactions every day will be refused or even canceled.
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Card fraud fell for several years in succession up to 2007. However, by 2008, even with the increasingly sophisticated systems used by the banks, up to 600 million pounds had been stolen by the fraudsters. Previously, HSBC checked up to a quarter of card transactions. Their new system means every card transaction will be checked, and a decision made almost instantly, in real-time.
SAS is developing and providing the software for the new HSBC system. Their spokesman, Bart Patrick, says "When you put your card in the machine it's carrying out an automatic check against your pattern of normal use- and making a decision about whether that is real or fraudulent"
He says as soon as banks come up with one solution to card fraud, the criminals find a new way to do things. It has become almost like an arms race, with each side making advances in turn. Chip and pin was seen as the solution to card fraud, and it was, for around 2 years – now the fraudsters have beaten it – so now the banks have to come up with something even more sophisticated. Unfortunately, as the banks introduce more stringent systems, it is often their own customers who find themselves having their cards declined
Wendy Samson advised her bank that she was going to Borneo on holiday so that she would be able to access her bank account while traveling.