Consumer Payment Card News

Fraud Alerts

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Consumers are getting access to more weapons to fight credit card fraud. Online access to current account information is a big plus, but before long, cardholders may receive notices of suspicious card activity via their mobile phone or PDA. This week Toronto-based 724 Solutions and HNC Software have agreed to integrate their software to offer wireless alerting technology for fraud detection services. The combined software is expected to enable credit and debit card issuers to proactively and inexpensively alert their cardholders to suspicious transactions via a variety of wired and mobile devices such as PDAs. Card holders will be able to send a reply message to verify the validity of the transaction or connect immediately to a fraud investigation agent. HNC’s ‘Falcon Fraud Manager’ is a neural network-based predictive software system that examines transaction, cardholder and merchant data to detect a wide range of payment card fraud. 724 Solutions will begin offering the solution to current HNC customers in the second quarter. For more information: http://www.724.com or http://www.hnc.com.

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