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Many Think Banks' Anti-Fraud Safeguards 'Inadequate'

Source: NEWS.scotsman.com
By Nicky Burridge, Personal Finance Correspondent, PA News
Date: November 09, 2003

Internet fraud Nearly a third of people think their bank is not doing enough to prevent fraud, a survey showed today.
Around 31% of people think their bank does not have enough fraud prevention measures in place, while 62% said they would consider changing banks if they thought they were not being adequately protected, according to NCorp which provides fraud detection software.

The Association of Payment Clearing Services estimates than more than ?1 million worth of card fraud is committed in the UK every day, with a fraudulent transaction taking place on average every eight seconds. But despite fraud being on the increase only 27% of account holders thought their bank had noticeably improved anti-fraud measures.

Nearly one in three people said they had been the victim of bank fraud, with six out of 10 saying their lost or stolen debit cards had been used. One in four people said they had been the victim of identity fraud, when someone uses their name and personal details to apply for credit, and 12% had had lost or stolen cheque books used.

Martin Blackburn, managing director of NCorp, said: “Bank and credit card companies need to implement the right policies and advanced technology to combat fraudsters, and then communicate this back to their customers. “Not only will this help reduce their losses, but it will also help retain existing customers and potentially win new ones.”

Original article

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