Insurance group vows to fight credit card fraud

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Insurance group vows to fight credit card fraud

Fri 15th May 2009

Insurance firm RSA has pledged to help fight credit card fraud in the UK by working to protect individuals' data and building upon the security of its IT network.

As payment fraud becomes more prevalent in the current climate and criminals use other people's cards to pay for products, the expense often ultimately lies with the vendor, RSA highlights.

This is something the organisation is aiming to tackle, as it introduces a new scheme which includes workshops, consultancy and online analysis, all designed to support companies which have to go comply with the Card Industry's stringent Data Security Standard.

Retail director at the RSA Des Cross said: "For brokers, this provides a new and ongoing revenue stream and a reason to engage with customers outside the renewal cycle. It also enables them to demonstrate understanding of customers' emerging risks."

Another type of fraud currently on the rise is that related to maritime insurance, according to Zurich, which revealed that fraudulent claims in the first four months of this year exceeded the total for the whole of 2008.

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