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Patent could mean safer payments

There's good news for credit cardholders this week with the announcement a patent has been granted for an innovative fraud solution.

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26 February 2009

Patent could mean safer payments”

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There's good news for credit cardholders this week with the announcement a patent has been granted for an innovative fraud solution.

Chase Card Services, the credit card division of JP Morgan Chase & Co, hopes the new technology will better protect consumers by creating an automated system for evaluating the host of factors that indicate potential fraud.

The development, called First Watch Intelligence, will subsequently enable analysts to detect card anomalies faster and more efficiently.

Mike Cunningham, senior director of fraud operations at Chase Card Services, says: "Because the application is user-friendly and highly successful, employee satisfaction is at an all-time high.

"Securing a patent for this technology demonstrates our continued commitment to protecting customers from fraud, further strengthening the foundation of our business for our employees and shareholders."

According to a recent study by Cybersource, 41% of people who do not shop online refuse to do so because of security fears.

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