THE AVANTI GROUP TOKYO NEWS ARTICLES, FRAUD
PREVENTION: GROWTH OF ANALYTICS TOOLS HELPS
LENDERS TO SPOT CRIMINAL ACTIVITY
Source
If a New Yorker’s credit card is used to buy jewellery in Bangkok, the bank might suspect that it has been stolen.
However, if...
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THE AVANTI GROUP TOKYO NEWS ARTICLES, FRAUD
PREVENTION: GROWTH OF ANALYTICS TOOLS HELPS
LENDERS TO SPOT CRIMINAL ACTIVITY
Source
If a New Yorker’s credit card is used to buy jewellery in Bangkok, the bank might suspect that it has been stolen.
However, if half an hour before, their partner’s card on the same account has been used at a restaurant in the same
city, the bank could surmise the couple are on holiday.
Data analytics allows checks such as this to happen in seconds – the time between the card being inserted into an
electronic reader and its authorisation, says Paul Eagles, vice-president of product and future payment risk at Visa
Europe.
It is a far cry from the situation 20 years ago, when attempting to use your credit card seven times in a day, or
spending more than £1,500 on a single transaction, might well have led to your card being blocked.
“Fraud detection needs to be as unobtrusive as possible,” says Mr Eagles.
“The challenge is not to inconvenience
customers.
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