The XMS Mobile Anti Identity Theft Solution builds upon the XMS Mobile and XMS Mobile Banking solutions that allow banks and credit card issuers to securely implement personal two-way authentication of credit card transactions in a real-time environment.
Upon usage of a credit card (either online or offline) a secure automated XMS message containing a description, location, time, and amount will be immediately received by the registered phone number of the user from the XMS Server located at the bank or credit card issuer. If the user confirms the purchase, the payment will go through.
If it is denied then payment will not take place and a caution 'flag' will automatically be placed on the user's credit card and normal investigation procedures would commence, which can go a long way in preventing credit card fraud and mitigating online risks such as phishing or identity theft.
Benefits:
- Real-time authentication: The XMS message is sent as soon as any credit card transaction is made. It therefore ties the user's credit card to his mobile phone for added security. Payment is halted until such confirmation is given, and halted if the user denies such a transaction.
- Fraud prevention: Due to the need for the user to authenticate transactions, online phishing and real-world unauthorised transactions (skimming) are prevented at the point of sale.
- Control and User confidence: Allows customers to play a more personal role of being in control of their credit card transactions.
- Flexible and Ubiquitous: Can be used for both offline and online transactions anywhere in the world.
- Cost effective: The cost of a normal SMS as opposed to IVR or Call centre agent calling every time a transaction is 'flagged'. Cost effectiveness in manual investigating and processing lower value transactions through process automation.
- Interfaces with automated response systems and customer relationship databases.
- Creation of an SMS audit trail for both the bank or credit card issuer and the customer.
- Ability to couple the XMS Credit Card Solution with other products in the XMS suite to allow for secure peer-to-peer messaging or mobile banking.
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