Chase patents card fraud analysis system
Chase Card Services has received a patent for First Watch Intelligence, an analytical application for detecting credit card fraud and ID theft.
First Watch Intelligence creates an automated system for evaluating more than 40 fraud factors, which is used by Chase employees to monitor consumer accounts for indications of potential fraudulent abuse.
Chase executives says the current economic crisis is likely to lead to a rise in attempted credit card fraud over the coming year.
Bill Mann, executive director, patent and business development, Chase Card Services, says: "As the number of fraud cases increases in this time of economic uncertainty, the timing is ripe for this innovative patent, which is already being used to protect our customers."
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