New software being used by the National Australia Bank claims to identify 'suspect' transactions, reducing the risk of credit card fraud in Australia.
In a joint venture, the National and ACI Worldwide has developed what is claimed to be state-of-the-art software called PRISM Merchant, designed to detect credit card fraud through Internet, EFTPOS and cash transactions.
"Through the early detection of fraud and intervention by the National, it is possible to bring a fraud attack to a halt, thereby eliminating or reducing potential losses for both the merchant and the National," National's General Manager Peter Kempster said in a statement.
The software application will streamline the monitoring of approximately two million transactions per day, worth AU$30 billion.
The system detects fraudulent activity by comparing each transaction against a customer's normal transaction profile. A 'suspect' transaction will be monitored by the bank's fraud prevention team, which says it will take pre-emptive action.
Kempster said the software has already detected counterfeit card numbers, which enabled the bank to prevent a retailer from dispatching a computer order worth AU$74,000 overseas,
