Credit Card Fraud Prevention Software
Credit card owners may see major changes in the amount of credit card fraud over the next few years, as American cards will be incorporating the EMV (Europay, Mastercard and Visa) chip. The chip will make it more difficult for others to steal credit card information and will make it easier for users to charge items overseas, since all credit cards will use the chip. But there are other developments in the credit card industry that are helping to cut down on the amount of fraud, namely, Big Data. With Big Data and more accurate analysis, credit card companies can better determine if a purchase is legitimate.
An Information Week article explains that many credit card users who have previously been turned down when using their card because it seemed inconsistent with past purchases may not experience this in the future. In the same light, stolen credit cards may be detected more quickly. With the use of Big Data, these “false positives” are being reduced as companies are able to have a better idea of what customers’ purchases are.
Not only is this good for credit card users who are able to make purchases without worring about being rejected, or fear credit card fraud, this also means that banks and credit card companies are less likely to lose customers.
In general, the more information a bank has regarding its customers, often gained through case management software, the more accurate decisions it can make about borrowers. By investing in risk management software, both banks and customers can see the improvements being made to decrease credit card fraud.