AMEX takes advantage of BNZ anti-fraud technology
(7 April 2011 – New Zealand) Bank of New Zealand (BNZ) announced today that its patented Liquid Encryption Numbers (LEN) technology was approved for use on American Express cards from this week.
BNZ invented and developed this fraud prevention technology and holds the global patent, it was launched on BNZ debit cards, Visa and MasterCard credit cards in 2008, with losses from the most common form of card fraud dropping by more than half.
BNZ chief operating officer Stephen Mockett said LEN technology is a dynamic protection against the global incidence of card fraud. The technology is capable of identifying and actively locating card skimmers and words to reduce the broad reaching effects of this criminal activity.
"We are delighted that American Express has joined Visa and MasterCard in a commitment to widen its fraud protection capability."
LEN is aimed at putting an end to "card skimming", where the information on the magnetic stripes is captured by fraudsters without customers’ knowledge. It works in conjunction with existing fraud detection tools and changes the magnetic stripe data every time the card is used in an ATM, rendering any stolen card data obsolete.
"Based on BNZ’s experience to date the technology successfully identifies and declines on average 61 percent of first time fraudulent card present transactions.
"Additionally LEN is capable of eliminating up to 95 percent of card reissuance resulting from fraud.
"The benefit to BNZ customers is that they don’t experience any down time if their card is compromised, leaving them without the use of their credit card, which is particularly problematic when they are offshore.
"LEN enables customers to continue using their existing card while it immediately recognises any cloned cards and declines any transactions that may be attempted," Mr Mockett said.
BNZ chief operating officer Stephen Mockett said LEN technology is a dynamic protection against the global incidence of card fraud. The technology is capable of identifying and actively locating card skimmers and words to reduce the broad reaching effects of this criminal activity.
"We are delighted that American Express has joined Visa and MasterCard in a commitment to widen its fraud protection capability."
LEN is aimed at putting an end to "card skimming", where the information on the magnetic stripes is captured by fraudsters without customers’ knowledge. It works in conjunction with existing fraud detection tools and changes the magnetic stripe data every time the card is used in an ATM, rendering any stolen card data obsolete.
"Based on BNZ’s experience to date the technology successfully identifies and declines on average 61 percent of first time fraudulent card present transactions.
"Additionally LEN is capable of eliminating up to 95 percent of card reissuance resulting from fraud.
"The benefit to BNZ customers is that they don’t experience any down time if their card is compromised, leaving them without the use of their credit card, which is particularly problematic when they are offshore.
"LEN enables customers to continue using their existing card while it immediately recognises any cloned cards and declines any transactions that may be attempted," Mr Mockett said.
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