Telephone alerts for suspicious transactions from Lloyds
The Lloyds TSB Bank has initiated a scheme where customers can be alerted to suspicious transactions on their bank accounts via telephone alerts.
The process implemented by Lloyds TSB is called ‘First Alert’ and this process works with fraud detections systems used by the banks to make automatic calls to consumers if there has been possible fraudulent activity on their accounts. The process has been successfully used with credit card holders and will now be used with current account holders in order to increase security.
As part of the phone call account holders will be asked to confirm whether they recognize a suspected fraudulent transaction. If they do not recognize it they will then be able to speak to a representative at the bank, and will be able to discuss the issue and get the account frozen in order to eliminate the chance of further fraudulent activity on the account. If however the customer does recognize the transaction the call can be ended and this will be marked by the bank.
The move from Lloyds TSB to introduce this system comes after recent data revealed a significant rise in fraud relating to remote card transactions – otherwise known as card not present transactions such as those conducted online or via the telephone.
One Lloyds TSB official stated: 'First Alert will enable us to spot fraud more quickly so we can put things right for customers faster than ever before. The system proved a huge success on credit cards and by extending it to our debit card customers we're planning to crack down further on card fraud. We're constantly developing and launching new technologies to fight fraud on every front, and the expansion of our 'First Alert' system to debit cards, will be a real asset.'
4th April 2007
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