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ValidSoft Credit Card Fraud Software Latest Technology to Help Banks

17.06.10

LONDON, Jun 17, 2010 (MARKETWIRE via COMTEX) -- There's things news for banks in the struggle against credit card knave. According to the latest article from the UK Cards Association, the out-and-out fraud losses on UK cards dropped by more than one-three months between 2008 and 2009. The losses in 2009 totaled only GBP 440.3 million ($636 million) compared to GBP 610 million ($881 million) in 2008.

What caused the deteriorate? Better technology. "Reasons behind the easing off... include the increasing use of cosmopolitan fraud screening detection tools by retailers and banks," says the account ( http://www.theukcardsassociation.org.uk/media_middle/press_releases_new/-/number/922/ ), which was produced by the UK's greatest trade association for the place one's faith and debit card dynamism. ( http://www.theukcardsassociation.org.uk/ ).

But while contemporary fraud detection tools are serving to reduce losses from artist, it's also likely that banks are declining more transactions that they upon to be potentially fraudulent. With an perseverance average of 90% ersatz-positives, any increase in the number of declined transactions will credible mean lost revenues for the banks. New technology from London-based ValidSoft ( www.validsoft.com ), a subsidiary of Amsterdam-based Elephant Talk Communications Inc. , helps banks crush this dilemma and offers vivid additional gains for banks.

Source: MarketWatch (press release)

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