Wednesday, October 9, 2013

BARCLAYS Bank introduces automated fraud detection system

By Jeffrey Mumba

Barclays Bank has introduced automated fraud detection and monitoring system for transactions on both international and local debit cards. This follows the bank’s recently increased attention to security systems to avert cases of fraud.




“For the convenience and security of our customers, this system will identify suspicious card transaction patterns and behaviours particularly when travelling out of Zimbabwe,” the bank said.
For the Barclays customers’ security, the bank said it would be important to note that fraud monitoring and detection system may temporarily block perceived suspicious transactions until confirmation is obtained from the customer that such transactions are in order.

“To add value to the process, in the event that such transactions are identified on the customer’s account, Barclays customers will receive a call and /or SMS messages from our main monitoring centre to confirm these transactions,” Barclays Bank said. The bank guaranteed that lot of care had been put into the system to ensure that customers’ day to day card activities would not be inconvenienced.

‘In cases when customers are travelling, there is need to include roaming contact details so as to ensure that they can be reached at all times,” said the bank. The inception of the multicurrency trading regime in Zimbabwe has left many banks and other financial institutions vulnerable or susceptible to dubious individuals bent on making quick money.

The bank may be instituting increased security systems as part of wider measures that the Barclays Bank group is introducing. Only last month, 8 men were arrested in connection with a £1.3million
theft by a gang who took control of a Barclays Bank computer in the United Kingdom. Police were alerted , after money was siphoned from the branch in Swiss Cottage, north London.

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