Mon, 29 Aug, 2016
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HSBC turns to US fraud technology

Customers of HSBC will receive extra help in the fight against card fraud with the introduction of new technology.

The bank has announced it will use a US-based product to reduce the risk of fraud and help to cut rising levels of the crime among UK consumers.

Based on Fair Isaac's Falcon Fraud Manager, which examines details from the transaction, cardholder and merchant to establish fraud, the Fraud Predictor estimates the chances of a certain transaction being illegal based on the collated data.

Using an immense database of previous fraud cases and transactions, updated on a regular basis, the system is hoped to make a noticeable difference to the number of cardholders who suffer at the hands of fraudsters.

"Adding Fraud Predictor to our services reflects our ongoing commitment to tapping into innovative technology solutions," explained George Lennox at HSBC.

"They are designed to help us limit fraud losses across our global network and provide our cardholders with the real-time protection they need in their payment card transactions."

This will be the first time that the Fair Isaac's Fraud Predictor technology has been implemented in Europe and could result in similar products being used in other High Street lenders in the future.

Recent reports have indicated that online fraud is growing at an alarming rate and that many consumers are still unaware of the dangers associated with revealing their personal details over the internet.

Industry experts have advised people to ensure they use secure sites and to avoid any payment options they are concerned about, as well as disposing of statements and bills very carefully.