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As Cyber Monday looms, Adeptra surveys UK and US attitudes to suspected fraud, comparing contact preferences

By CreditMan Friday, November 27, 2009

British consumers reject email and statements from banks, while Americans check statements frequently and want online contact

READING, UK November 27, 2009 In the run up to Cyber Monday, an Adeptra survey of 400 British and American consumers, reveals that American consumers take greater steps than the British to avoid becoming a victim of financial fraud, checking their bank and card statements more frequently.

Cyber Monday, which this year falls on November 30th, marks the ceremonial kick-off of the online Christmas shopping season. Following Black Friday, which is associated with traditional brick-and-mortar stores, Cyber Monday symbolises an important day for online retailers. The volume of retail transactions jumps as millions of credit cards are processed every hour, resulting in a peak of fraudulent activities.

Lou Venezia, CEO of Adeptra said: Handling around 500,000 suspected fraud cases and over 1.5 million call attempts over the 2008 festive period, based on increasing monthly volumes we expect these figures to double for the Christmas 2009 period, as the run up to Christmas sees a peak in fraudulent activity due to the increased fraud opportunities that arise.

With a greater threat of fraud in mind, it is crucial for consumers to monitor their finances over the holiday period. Concerns were raised when in parallel surveys conducted by Adeptra in London and New York, revealed how frequently they checked their credit card and bank statements. One in 10 (10%) British consumers admitted they never check their statements and 67% stated they only check their statements monthly, compared to 11% of American consumers stating they check their balance daily and 53% checking every week.

The surveys also asked both sets of consumers how they would prefer to be contacted with regard to potentially fraudulent transactions. In both the UK and the US the preferred method of being alerted to potentially fraudulent transactions was a mobile telephone call, with 72% of British consumers and 54% of Americans claiming they would like to be contacted in this way.

However, when asked about being contacted about potentially fraudulent activity by email, UK and US consumers showed opposing views with 20% of Americans agreeing this would be their preferred route of communication, compared to only one per cent of British respondents.

The British and American consumers surveyed also demonstrated a difference in attitudes to SMS communication with twice as many British (12%) than Americans (6%) selecting this as their preferred method of contact from their bank or card issuer.

Lou Venezia, CEO of Adeptra said: Credit and debit fraud is more prevalent than ever. And as fraudsters look to take advantage of the volume of transactions over this busy shopping period, consumers expect peace of mind as their banks and credit issuers do all they can to stay a step ahead of fraudsters.

He continued: Banks and card issuers need to protect their consumers and their brand by implementing processes and systems to detect and prevent fraud in real-time. However, they also need to be sympathetic to how individual consumers want to be contacted and as our surveys show these preferences can vary dramatically across geographies.

Adeptra is a leading provider of Auto-resolution services for companies engaged in consumer credit and risk management. Its technology is relied on by nine of the top 10 UK card issuers, eight of North America's top 10 financial institutions, and three of the top four Australian banks.

About Adeptra
Adeptra is the global market leader in Auto-resolution: technology that automates key call centre interactions to reduce their cost and dramatically increase performance. Applications are fully integrated, industry-specific solutions for business processes such as fraud detection, payment reminders and opt-in marketing.

Distinct from less sophisticated auto-dialler systems, Adeptra combines recorded dialogue with state of the art natural language to reach out to individual customers and personally engage with them about important, time-sensitive issues. Adeptra is able to make thousands of customer contacts simultaneously and achieves higher levels of portfolio penetration and produces significantly better results than human agents alone. The resolutions it secures are delivered into clients computer systems for reporting and analysis.

Among its many customers, Adeptra is used by the majority of the Top 50 global financial institutions across EMEA, N America and APAC. It occupies a premium position in the market by continually reinvesting in its technology, operations and service structure. Adeptra was the first to be accredited to the highest data protection standards mandated by the payment card industry (PCI DSS) and, uniquely has achieved this in both the US and Europe.

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