Real-time fraud monitoring technology is an effective way of helping borrowers avoid credit card debt being accrued in their name without their knowledge, it has been stated.
Tim Pie, a spokesperson for HSBC, has claimed that the bank’s chosen method of overseeing transactions in real time is superior to other organisations as it can identify fraud quickly, rather than “two days later” when it is “too late to stop it”.
“In real time you can block a transaction almost immediately and the money does not come out of the account or off the credit card,” he explained.
While the introduction of Chip and Pin has tackled the majority of credit card fraud in the UK, cards can still be cloned and used in other countries where the technology has not been implemented, Mr Pie added.
Fraud carried out abroad accounts for 40 per cent of total card fraud losses, according to Apacs, the UK payments association.
By Jamie Price