Abbey puts card fraud prevention initiatives to the test

At a time when 69 per cent of people would prefer to shop on the internet with a credit card because they feel it is safer, Abbey Banking put different card fraud prevention options to the test. 1,000 people were surveyed and Abbey’s research found that despite the ongoing desire for security, the key thing for customers is ‘no hassle’.

Despite the concern about card safety, less than one-in-three people (32 per cent) want their bank to give them a security device to further protect online transactions. Even less popular was the option of asking more security questions (at 30.5 per cent) and instead, more internet banking users would like better monitoring of transactions by their bank (40 per cent).

Neil Wilson, Director of Financial Crime, at Abbey said: “Not surprisingly the research suggests that people want security with the least hassle. Finding customer-friendly ways to protect people and their accounts is key. Ongoing monitoring is one of the most important factors in preventing card fraud. Abbey is strong in this area and has continued to invest significantly in monitoring over the years.”

Concern about internet fraud is highest amongst the under-25s. Abbey Banking’s research showed that almost half claimed that the issue of internet fraud influenced the card they used when they made transactions online.

Abbey’s anti-fraud initiatives:

Abbey constantly monitors accounts for fraudulent activity and where suspect transactions are identified, the team contact the customer on their mobile to ask them to verify that they made the transaction. Abbey used to make the call manually, however the company is currently introducing new technology, which will automate the phone call. If a customer does not verify the transaction, an automatic block will be put on the account.

Abbey operates a system called Abbey Secure, which is Abbey’s version of Mastercard Secure Code and ‘Verified by Visa’. When a customer registers for Abbey Secure they get their own passcode, which will be asked for every time they make an online transaction. The passcode does not change.

Abbey monitor their ATM machines to identify unusual activity. The company have anti-skimming devices on the ATMs, which won’t allow the ATM to take a cloned card.