Bankers Look to Speed Up Credit Fraud Procedures

   

Posted: Jan 21, 2010

Credit fraud is an issue that affects both businesses and consumers, and a recent poll shows that some bankers are trying to find better ways to deal with the problem.

According to the survey from call-automation firm Adeptra, 36 percent of banking industry executives polled said they'd seen an increase in the amount of fraud their firms are handling. Furthermore, 20 percent said that making reaction times to fraud cases quicker was a "priority" for them.

"Banks and card issuers are confronted with increased fraud volume and time-sensitivity of threats to consumers," Adeptra CEO Lou Venezia said.

Of those surveyed, 30 percent said they were trying to find ways to resolve fraud cases in a more effective manner. When it comes to contacting their customers about potential credit fraud, 73 percent said they used a telephone call to the concerned party's landline.

When informed of potential fraud, there are a number of things you can do. One option is to put a credit freeze on your records, which prevents lenders from examining your credit report without your consent. A credit freeze can therefore make it difficult for scammers to open accounts in your name.