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Credit Card fraud is getting easier to detect according to National Australia Bank, since the introduction of a software package that identifies transactions which are different to the customer's usual spending patterns. PRISM was introduced by the National in June 2000 and has already saved the bank around $2 million through the early detection of credit card fraud. Credit Card fraud in Australia is growing at over 30% per year and is expected to be on the increase throughout the Sydney Olympic Games. The PRISM software solution is a fraud detection tool that allows the bank to identify credit card transactions that are out of profile for any given cardholder. The bank then contacts the customer and queries whether they have used their card for this particular transaction. According to Mr George Beatty, General Manager Global Cards - Australia, the response from customers has been very positive. "PRISM offers the National an advanced fraud-detection system that identifies subtle patterns of fraudulent behaviour by comparing individual card and account usage with known patterns of fraud. Transactions are monitored and when a suspicious transaction is found, the transaction is flagged for prompt and appropriate action. This allows the bank to block cards and save credit lines before they are lost," he said. PRISM's ability to recognise fraudulent activity and learn from experience provides a pro-active method to reduce losses from fraud. Mr Beatty said that during the Olympics, when this type of fraud is expected to be on the increase, there were potential benefits to National customers from having this detection system in place. "The National is one of the first Australian banks to utilise the new technology and gives us the ability to offer our cardholders an extra level of fraud protection while efficiently processing their transactions," he said. "PRISM also gives the bank the ability to handle increasing transaction volumes generated by its card base while monitoring those transactions for current and emerging fraudulent schemes." PRISM includes patented technology provided by Nestor, Inc. (OTC: NEST) and is supported and distributed around the globe by ACI Worldwide. Tips for minimising the risk of credit card fraud:
- Never lose sight of your credit card while performing a transactioni>
- Always check monthly statements for unusual or suspect transactions
- Ensure your personal Identification Number is memorised and not written or stored with your card
- Do not leave your credit card imprint without completing the transaction
- Ensure early notification of your credit card issuer should your card be believed to be lost or stolen.
Melbourne, September 25, 2000. For further information contact:
Julie McBeth
Group Manager Business Media Relations
Tel: (03) 8641 3270
Mobile: 0418 992 485.
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