How Capital One are Tackling Fraud Head On

While the introduction of the chip and pin has done a lot to help minimize credit card fraud in the UK, with an estimated 1 in 3 cardholders falling victim to this silent crime it’s still a very real problem for those that carry a card in their wallet.

Capital One are taking this threat to their customers’ security very seriously and have taken the fight against identity fraudsters one step further than other card providing financial institutions.

Where most credit and debit card providers have responded to this ever growing threat by offering card protection insurance to their customers at a cost, making financial security against credit card misuse something that’s only available to those that can afford it, Capital One have launched an Identity Alert service that’s available to all their customers at no extra charge.

The scheme has been designed as an ‘early warning system’ to notify customers of any changes to their all important credit report, something they estimate over 42 million adults in the UK do not know how to access themselves. By partnering with credit reference agency Equifax, Capital One are able to notify those that sign up to their service of any change being made on their file within seven days.

The Identity Alert service notifies customers of any new applications for credit made in their name, any requested changes to their personal details and any alterations to other ‘key’ information held against their credit history, meaning that this facility will help those that do fall victim to fraud to identify and resolve any issues as soon as possible and with minimal distress, financially or otherwise.

Additionally, once registered, Identity Alert customers will also be entitled to access their Equifax credit report for free twice a year so that they can review their full financial history and make sure that all of the information held about their past is correct.