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Fair Isaac's fraud
expertise is currently being drawn on by several UK banks that recognise their
responsibility for addressing the problem of identity theft, with several trials
currently taking place.
Fair Isaac works with all of the UK's major banks to prevent credit card fraud,
and has proven fraud leadership and expertise from protecting 65% of the world's
active credit card accounts.
Peter Bove, Fair Isaac Fraud EMEA solutions, commented: "UK banks themselves
need to accept more responsibility for identifying and preventing identity
threat, and they need to reassure customers that they are on their side in
trying to prevent identity crime.
"The problem is that with credit card fraud being a more established problem
that has a direct impact on banks' pockets, many banks say that identity theft
is just not a big enough problem for them yet.
"We believe banks need to raise their game now to ensure they have the systems
in place to spot identity threat before it takes place and prevent the damage it
causes. Unless banks do this, they will completely lose the trust of their
customers.
"Should banking customers turn to banks that have a clear cut identity fraud
prevention policy when choosing a bank account, as well as looking at banks that
offer all the perks like low interest overdrafts and preferential loans? We
think so, yes."
Fair Isaac is urging banks to implement bilateral authentication, whereby
consumers can ask questions themselves to verify the identity of a customer
service agent
In addition, th firm is stressing the need for improvements the traditional way
agents authenticate customers, claiming that asking date of birth and mother's
maiden name are no longer the best way of determining identity as fraudsters can
easily find these facts out.
A random, changing list of 10 or so questions, and a policy of not revealing the
ones a customer got wrong, are all better proof against ID fraud.
Source:
Credit
Control Journal
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