New Software Combats Credit Card Fraud

The Association of Payment Clearing Systems (APCS) has attributed the new software that has been introduced by banks and credit card issuers, as the main reason that we have seen a fall in credit card fraud, with the numbers falling quite significantly.

The new detection software and not the introduction of Chip and Pin has been the biggest factor in the fall of credit card fraud, is said to be the main reason for the fall in credit card fraud, with banks and credit card issuers using the technology to ascertain where and when your credit card is being used abroad, especially if they know that the person who is using the card in that country is not you.

The new technology can tell that the real credit card holder is not the person who is using the card and you can help in the fight to actually tell your bank or credit card issuer of any plans that you have made to go abroad, on holiday or on business, as they will be up to date with your plans to use the card and will be able to respond quicker to the chances of your credit card being a victim of fraudulent use abroad, if they know if you are still in the country.

Though the introduction of Chip and Pin was primarily set up to combat the chances of becoming a victim of fraud, these latest findings does not mean that the new Chip and Pin system is not working, far from it as it will already be working, though as it is new we may not see the scale in which it has cut back on credit card fraud in the near future, but will see the true benefits that Chip and Pin holds over the next few years and then we can discuss the impact that it has had on credit card fraud.

Foreign credit and debit card fraud has seen it’s first fall in over five years and has been mostly put down to detecting the fraudster using the card much earlier, with the more popular of holiday destinations as the most likely to lead to your credit or debit card having fraud committed on it, as this is an area where he banks and credit card issuers have seen a match up, of the destination of the holiday that you have been on and any foreign fraud that has been made to your cards after you return home.

America has been quoted as being the worst for credit card fraud committed on U.K credit cards, with an overall total of £16.4 million and with more and more U.K holiday makers heading across the pond to destinations that include Orlando Florida to visit the mouse that is as big as a man, then the chances of fraud being committed on our cards will rise, as we hit the cheaper retail outlet shopping malls, were our cards will be glad to return home for a well earned rest.