HSBC customers are now better protected

As more and more people use the internet these days to purchase various items, online fraud is one problem which has gradually built up. The figures that show the extent of the rise in online fraud are actually quite scary and that is why many consumers are now worried about what they are spending and where they are spending it.

There have been many new schemes introduced to tackle online fraud and Barclays in particular have recently stepped up their security. The new PinSentry machine provided by Barclays Bank has made logging in and purchasing goods online that little bit easier and now HSBC has also stepped in to help its consumers too.

Teaming up with SAS, a specialist business analytics company, HSBC have developed a fraud management platform. It will be introduced in mid 2008 and it has already been tested within the US. The platform basically detects credit card fraud a lot faster than it does currently and it takes up fewer IT resources too which is beneficial to the company.

This new platform is set to be around for a long time due to the fact that it is expensive to change security measures. HSBC wanted to develop something that would last a long time so it would be cost effective at the same time as helping out its consumers. The system will basically choose whether to allow a transaction or not. It will decide in record time and it will look at patterns in the consumers account. It is developed to detect any patterns that may have occurred and using that information it then decides what to do.

Overall it is certainly a clever system which is definitely going to have a big impact on credit card fraud levels. So if you are an HSBC credit card customer then this is particularly good news for you.