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Article: Neural Networks Take Aim Against Debit Card Fraud.
- Article from:
- Bank Technology News
- Article date:
- March 1, 1999
CopyrightCOPYRIGHT 1999 Thomson Media. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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By Brian O'Connell
Financial institutions, beware: Your customers are a crime statistic waiting to happen. Debit card fraud is a serious problem that few bankers or consumers have given much thought to.
In fact, identity theft is one of the fastest growing crimes in the nation, according to FBI statistics. But according to St. Paul, MN-based Deluxe Corporation, only 30% of consumers worry about someone stealing their financial identity and doing damage to their financial reputation.
"The level of debit card fraud is high," says Kim Anderson, a senior product manager at Deluxe Corp. "Losses from offline debit card fraud range from between $130 ...