The IHCF is an industry database that enables retailers to electronically check every card transaction for cards being used fraudulently.

More than 80,000 retailers subscribe to this electronic file that distributes data on lost or stolen cards. When a card is swiped as part of a normal transaction it is automatically checked against the file. If the details given match those of a card on file an alert is given to the retailer.

The IHCF contains information on more than 5 million missing cards and over 440,000 cases of attempted fraud were prevented by this system in 2004.