Commonwealth Bank 'taking online measures' to stop credit card fraud

Aussie credit card customers could find their risk of being defrauded reduced thanks to online measures being taken by the Commonwealth Bank of Australia (CBA).

In an iTnews report, it is noted that merchant business customers of the CBA are being given assistance in preventing Aussie credit card purchases from becoming the subject of fraud.

The bank has launched its eVolve iShop e-commerce platform, which approaches the issue from both sides.

Behind the scenes, a payment gateway handles credit card transactions for retailers and service providers who are customers of the bank.

And up-front, e-commerce software can be used to power the virtual stores hosted by merchants' websites.

Reporting on the system earlier this week, iTnews noted that the credit card numbers are retained securely by the CBA, rather than by the retailer.

The release follows a pilot of the system in February 2009 among a selection of the CBA's business customers, which was deemed to be successful.