26 February 2009
Fraud protection has been identified as the number one priority by Chase Card Services, JP Morgan Chase & Co's credit card division.
As a consequence, the department will be looking into ways of better protecting consumers from the pitfalls of the crime.
The United States Patent Office has issued the group with a patent for what Chase Card Services calls its "breakthrough fraud prevention technology", First Watch Intelligence reports.
Tim Webb, Senior Manager of Fraud Operations at the firm and Co-Inventor of First Watch Intelligence, said: "In developing this technology, we recognised our fraud analysts needed a tool that could quickly analyse fraud indicators more effectively and deliver even better customer protection."
First Watch Intelligence apparently provides both of these things.
This comes after research from CyberSource found that 66% of people have security concerns related to shopping on the internet.
Some 41% of those who do not shop online cite worries over fraud as a reason for their lack of web-based purchasing.
Louise Bond, uSwitch Personal Finance Manager, commented: "It is as important as ever that we protect ourselves from credit card fraud - and new technologies can only support this.
"Consumers should also monitor their credit report as this is an important indicator if you are a victim of identity fraud. By spotting potential fraud quickly, you can take action to stop it.
"You can check your credit report for free with a 30-day trial of Credit Expert from Experian."
Check your free credit report today