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Credit card fraud solution developed

Credit card fraud solution developed

Category: Credit cards

Updated: 26/02/2009
First Published: 26/02/2009

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

A US company has announced the creation of technology to protect credit card customers from fraud.

JP Morgan Chase revealed that its Chase Card Services division has been awarded a patent for the solution, dubbed First Watch Intelligence.

Over 40 factors that could potentially indicate fraud have been identified and the system automatically evaluates these, allowing analysts to detect issues more easily.

"As the number of fraud cases increases in this time of economic uncertainty, the timing is ripe for this innovative patent, which is already being used to protect our customers," said Bill Mann, of Chase Card Services.

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