Safescan: hitting application fraud

Article Abstract:

U.S. credit card fraud is estimated to generate annual business losses of $500 million to $1 billion, and out of every 200 credit applicants, three have no initial intention of paying for the credit received. Credit Bureau, Incorporated of Georgia is marketing a data base, called Safescan, access to which may allow detection of credit card fraud prior to a company's suffering economic hardship therefrom; the data base contains information on known members of credit card fraud rings operating throughout the U.S. and in certain international markets. When a credit application is checked against Safescan, any of three warning signals may be received, indicating that the Social Security number may be inconsistent, the address information may be inaccurate, or the entire application should be carefully reviewed before credit is issued.

Services, Marketing, Credit card fraud, Equifax Credit Information Services Inc.

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Credit authorization: a priority application

Article Abstract:

Montgomery Ward's credit authorization communications network helped the retail chain reduce overhead costs, improve efficiency, and improve customer service. Ward's online transaction processing system reduced transaction time, which reduced monthly communications costs by $150,000, in addition to increasing customer satisfaction by reducing the amount of time spent waiting in line. The credit authorization system, which was designed by CACI International and Leroux/Pitts Assoc, was able to attain a .24-second response time when processing 27 transactions per second during the 1989 peak shopping season.

Department stores, Retail industry, Retail trade, Montgomery Ward and Company Inc.

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Is automated application processing for you?

Article Abstract:

Credit grantors that process over 500 credit applications per month are likely to be candidates for automated application processing. Both service bureaus and software packages can speed up and simplify the process of granting credit. Credit grantors may require either full-service processing, remote-access processing, response processing, or overflow processing. Most service bureau application processing systems involve application data capture; application data assessment; evaluation of credit bureau reports; processing of approvals, rejections, and referrals; and the delivery of reports to clients.

Credit reporting services, Management, Data processing services, Credit bureaus

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