The announcement comes as Apacs has revealed that cases of counterfeit fraud have risen by 3%, while card not present fraud, where cards are used over the phone, internet or mail order, has increased by 16%.
The technology, called ‘First Alert,’ is designed to work alongside Lloyds TSB’s fraud detection systems, automatically calling customers whenever and wherever card fraud is suspected on their account. The system has proved to be successful in fighting card crime, having been in use since 2005 for credit card customers, and is now being extended to cover all debit card customers.
Lloyds TSB customers will receive an automated phone call whenever the bank notices a potential fraud on their account. During the call, customers will be asked if they recognize the transaction in question. If the customer suspects fraud, they will be transferred directly to a Lloyds TSB call handler who will help freeze the account and organize a refund.
The new system is expected to significantly increase the speed at which fraudulent transactions are identified and dealt with by the bank.
Gerrard Schmid, director of transaction banking, Lloyds TSB, said: First Alert will enable us to spot fraud more quickly so we can put things right for customers faster than ever before. The system proved a huge success on credit cards and by extending it to our debit card customers we’re planning to crack down further on card fraud.
