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The credit card industry is seeking ways to control and minimize the billions of dollars lost every year through credit card fraud. Predictive analysis can be invaluable in the detection and prevention of credit card fraud, by allowing issuers to catch suspicious transactions before they go through. The time is ripe for credit card issuers to begin implementing fraud detection and prevention systems.
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Banks are faced with many challenges, especially as their business customers become more demanding. Banks are being forced to alter their strategies and broaden their product offerings. Because of the increasing use of technology, banks are now armed with the necessary tools to succeed, but it is up to them to put these new capabilities to use.
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Last updated on : 01-Aug-2008
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