CREDIT card fraud was becoming easier to detect following the introduction of a software package that identifies transactions which are different to the customer’s usual spending patterns, according to National Australia Bank.
PRISM was introduced by the bank in June and has already saved the bank about $2 million through the early detection of credit card fraud.
Credit card fraud in Australia is growing at more than 30 per cent per year and was expected to increase during the Olympic Games in Sydney.
The PRISM software solution is a fraud detection tool that allows the bank to identify credit card transactions that are out of profile for the cardholder.
The bank then contacts the customer and queries whether they have used their card for the transaction.
Global Cards Australia, general manager George Beatty said response from customers had been very encouraging.
“Transactions are monitored and when a suspicious transaction is found, the transaction is flagged for prompt and appropriate action,” Mr Beatty said.
Suggestions to minimise the risk of credit card fraud include:
* Never lose sight of your credit card while performing a transaction;
* Always check monthly statements for unusual of suspect transactions;
* Ensure your personal identification number is memorised and not written or stored with your card;
* Do not leave your credit card imprint without completing the transaction; and
* Ensure early notification of your credit card issuers should your card be believed to be lost or stolen
