News Article Published:
Tuesday, 02 October 2007
Category:
Financial Services
With the financial services and online retail outlets having to work to ease customer fears over fraud, a new realtime fraud busting system has been set up.
Experian, the global information solutions company has developed Bank Wizard Absolute, a system that instantly verifies details provided by customers.
The verification solution can confirm that bank account details provided by the customer correspond to an actual bank account and that the person giving the details is entitled to make direct debits from the account.
Using this method companies can protect themselves from being defrauded and the existence of the system helps create the impression of security.
But to remain truly safe, the systems of fraud detection which help customers feel secure, need to be evolving according to Gareth Lodge, analyst, European Payments for the TowerGroup.
He told the Precision Marketing website: "The payments industry is increasingly coming under attack from fraud. As the security for one payment method tightens the fraudster soon identifies the next easiest target.
"Banks must balance the often-conflicting requirements of simplicity and ease of use, against the need to counteract fraud such as phishing, ID theft and cookie-stealing malware."
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