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Real-time credit card monitoring 'more effective'

Real-time credit card monitoring 'more effective'

Category: Credit cards

Updated: 26/01/2009
First Published: 26/01/2009

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New tactics adopted by HSBC to prevent credit card fraud are likely to be "much more effective", it has been claimed.

The bank is now monitoring transactions in real-time in order to identify illegitimate ones more easily and spokesman Tim Pie noted that this will enhance security.

"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 remarked, noting that monitoring a payment days later means nothing can be done to stop it.

Those carrying out a credit card comparison may wish to consider security, particularly when abroad, as Mr Pie observed that fraud carried out in other countries has been on the increase.

He explained that despite a fall in cases in the UK, thieves are operating in countries that do not have chip and Pin technology.

Figures from UK payments association Apacs have shown that losses at British retailers are down 35 per cent since the system was introduced.

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

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