26 May 2009
HSBC has implemented a real-time fraud detection system to protect transactions for credit and debit cards in the UK.
The software, provided by SAS and also used by First Direct and M&S Money, is designed to improve monitoring and reduce internal, inter-bank and online payment fraud.
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Functionality provided by the system also includes better reporting and rule-writing features, intended to boost the number of fraud detections and reduce false-positive rates.
The bank will continue to use alert management, routing and queue prioritisation software, also provided by SAS, to quickly allocate resources to work on highest priority alerts.
Total UK card fraud losses stand at £609m, according to payments association Apacs. Online banking has been one of the the hardest hit areas, with losses up by 132 per cent in 2008, from £22.6m in 2007 to £52.5m.
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