Natwest Bank has postponed its Get Cash app following a report by BBC Radio 4 into the defrauding of customers by thieves.
The app supplies a Cash Code which allows customers to take out cash without a bank card, however there have been instances reported where a security code had been downloaded by a user who does not own the account, allowing them to fraudulently withdraw up to £100 daily.
Despite NatWest claiming the app has ‘strong security measures’ it has suspended it for a “planned update” which will reduce the daily limits.
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These kinds of fraud cases where small amounts of money are taken from accounts over a period of time can often be difficult for companies and consumers to track and proactively resolve before large losses are incurred. The key here is being able to deliver timely response that effectively tackles the problem before the damage is done.
Fortunately, technology is now available, based on innovative behavioural change identification algorithms, which gives organisations the opportunity to tackle this kind of issue by rapidly delivering accurate, early indications of fraud, enabling businesses to stop it before it even starts.
By applying this kind of algorithmic modelling to every single customer and each individual transaction in real-time and profiling all behaviour, it is now possible to stop fraudulent behaviour at source to the obvious benefit of the commercial organisation and the end consumer concerned.
Mike Wheatley, chief executive officer, Featurespace
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