Wednesday 14th March 2007
Lloyds TSB has launched a new service designed to prevent fraudulent credit card balance transfers.
First Alert notifies a credit card holder if a transaction is detected on their account, enabling them to notify Lloyds TSB as early as possible if they believe their card has been cloned.
While the system has been in place for credit cards since 2005, the bank is now extending coverage to include debit card payments.
Gerrard Schmid, director of transaction banking at 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."
Fraudulent credit card balance transfers may include payments made when the card is not present, such as online purchases, which rose by 16 per cent in the past year, according to figures from UK payments association Apacs.
As the Bank of England launched the new Adam Smith £20 note this week, Apacs revealed that cash payments have decreased year-on-year since 1994 as credit card payments have become more widely accepted.
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