Fraud Protection

Measures Employed To Offer Fraud Protection Services

Fraud protection service providers employ various means to detect fraud and which effectively captures customers. Certain banks will offer their own fraud protection services to their customers. The fraud protection system of banks is designed with certain features such as ATM usage, Type of purchase, frequency of card use, in order to predict fraud.  With the introduction of online banking, most banks with online banking services have also introduced fraud protection for online customers.

Some of the measures employed by banks include having a requirement for a personal authentication key. Credit and debit cards are one of the easiest avenues for fraud to occur on. To protect their customers, companies such as American Express and Master Card require that a user provides their security code or a ZIP code that is printed on the card, in order to verify any purchase.

Companies such as PayPal, Gmail and Yahoo offer fraud protection services by requiring subscribers to have a strong password. For instance, when a password is entered incorrectly several times, the subscriber gets alerts on their mobile phones or their alternative email. Furthermore, there is an automatic sign out feature when the account remains inactive for 10 minutes or longer.

Benefits Of Fraud Protection Services

Companies suffer massive losses due to fraudulent activity. Banks for instance are defrauded of money, when a fraudster presents a fraudulent check to an unsuspecting bank, which in turn the bank honors that check. Banks may also become a victim of fraud through irregular cash withdrawals at ATMs.

With fraud protection services, subscribers are informed every time the system detects a fraudulent transaction. When a subscriber receives such an alert, they are able to cancel a transaction that they did not authorize themselves. A thief for instance, may steal your checkbook or credit card and use it for their own financial gain. If you subscribe to a fraud protection service, fraud may be detected and prevented. ATMs have recently been used to defraud consumers when a fraudster captures your cards information and uses the card to withdraw money or to make purchases online.

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Fraud Protection

Best Fraud Protection Services

Several private companies offer consumer fraud protection services. Companies made up of professionals who have the skill to detect fraud offer the best fraud protection services. For an entity to offer reliable consumer fraud protection, it has to be faster, and more proactive at catching fraudulent activities.

Currently, consumer fraud protection services face many challenges. One of these challenges is that fraud protection systems are built with a one- size fits- all kind of mechanism. For instance, you will find that the authentication is activated by knowledge-based questions. This method assumes that all risks shall fit in the same authentication process. This method is likely to produce erroneous results because fraudsters are typically more creative than we think.

About Fraud Protection Alerts

  • Is a warning aimed at consumer fraud protection
  • An alert is sent out to both the person, and the lenders
  • Sent to creditors requiring them to take additional verification steps before extending credit
  • Consumer fraud protection alert may be placed on credit reports
  • Alerts are sent through Emails, messages and phone calls
  • initial fraud protection alert lasts for 90 years
  • Extended fraud alert is available for 7 years
  • Active duty military  alert lasts for one year
  • Consumer may remove the Consumer fraud protection alert any time before its expiration.
  • Credit bureaus have different process for removal of alerts.
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