An openness and transparency regarding credit card fraud is leading to banks being better able to tackle the problem, it has been claimed.
Banks and law enforcement authorities are now communicating better in an attempt to ensure that credit card customers do not get caught out by costly incidents of fraud, said Neil Munroe of Equifax.
Mr Munroe, the external affairs director of the credit reference agency, said that banks are able to collect all of the necessary information regarding acts of credit card fraud, which can then be presented together, ensuring that authorities are better able to search for and distinguish any underlying patterns.
"I think there has been some attitude change in the recognition of fraud and ID theft and the fact that by sharing data and working with consumers and working with authorities we can combat it," he remarked.
He added that in the majority of cases of credit card fraud, banks will cover the costs incurred by the consumer.
Earlier this year, Apacs unveiled the new measures for reporting credit card fraud, which involves consumers contacting their bank directly.
News Side
Banks doing more to tackle credit card fraud, expert claims
Mon, 25 Jun 2007
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