SMS Successful in European Markets to Combat Credit Card Fraud
Announcement posted by POINT Australia 01 Jul 2004
SMS Successful in European Markets to Combat Credit Card Fraud
FSM fraudAlert Showcased at MasterCard?s Global Risk Management Symposium
KEY POINTS:
Global conference cites electronic messaging such as SMS as a proven solution for improving communication with customers to reduce credit card fraud and increase customer service, concurrently.
Australia?s FSM one of only 15 vendors invited to MasterCard International?s Global Risk Management Symposium in San Diego, 21-24 June 2004.
Financial Services Messaging (FSM), developer of fraudAlert, was one of only 15 vendors invited to attend and exhibit at MasterCard International?s Global Risk and Fraud Symposium, Security Masters 2, in San Diego running 21-24 June. Electronic messaging was identified as an important, emerging tool in the fight to combat credit card fraud.
During a panel discussion featuring MasterCard?s five regional heads of security and risk services on the topic of Payment Card Fraud: A Global Perspective, the use of SMS to confirm credit card transactions in Europe was cited as successful.
Brian Bayliss, MasterCard?s Vice President and Regional Security Head of Europe, South Asia, Middle East and Africa said, ?Electronic messaging such as SMS has been used successfully in various markets in Europe to quickly communicate with customers - helping banks to identify and act upon fraudulent activity.?
Kostas Siourthas, founder and managing director of FSM, said that the European experience showed that electronic messaging now made it much easier for banks to communicate with their customers to prevent credit card fraud.
?Banks know that one of the key ways to cramp down on card fraud is to improve the speed of communication and access to customers in order to check out-of-character transactions. While customers don?t want to be sent an SMS every time they make a payment, they do want the assurance and confidence that their bank will contact them immediately when any transactions are out of the ordinary. We have designed fraudAlert in consultation with the world?s leading banks to develop a technology that integrates with existing fraud detection systems to allow financial institutions to contact customers quickly and easily.
?With credit card issuing banks around the world looking for ways to reduce fraud and increase customer service concurrently, our fraudAlert solution is receiving great interest as a tool to help achieve this,? said Siourthas.
About fraudAlert
Developed in Australia for the global market, fraudAlert is one of FSM?s range of electronic customer messaging solutions designed specifically for the financial services industry to allow banks to improve their communication with customers via a range of electronic channels of the customer?s choice, including SMS, instant messaging, email, fax and voice. FraudAlert is available in multiple languages and it?s plug-and-play capabilities are compatible with most fraud detection software, including Fair Isaac?s Falcon and ACI Worldwide?s PRM. FSM was acquired by POINT Australia in June 2004.
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About POINT Australia:
POINT Australia was established in Sydney in 1995 and Melbourne in 1998 and has since developed an enviably strong presence in the local market delivering enterprise solutions to clients such as Woolworths, Freedom Furniture, Novo Nordisk Pharmaceuticals and the Commonwealth Bank of Australia.
POINT?s solutions are based on leading global technology from S1 Corporation, including their world leading CRM system, S1 CRM Enterprise Platform 3 (EP3). POINT Australia acquired Financial Services Messaging, developers of electronic messaging solutions for the banking industry, in June 2004.
The highly skilled, experienced and motivated POINT Australia team can tailor a solution to fit specific business needs. This team has been directly involved with the design, integration and implementation of POINT solutions throughout the world. This team now contributes to and addresses R&D out of its local offices, continuing the tradition of Australia based ingenuity, pushing back the boundaries of modern software design.
For media information contact:
Claire Hosegood
Kinetics Pty Ltd
Phone: (02) 9976 6611
claire@kinetics.com.au
FSM fraudAlert Showcased at MasterCard?s Global Risk Management Symposium
KEY POINTS:
Global conference cites electronic messaging such as SMS as a proven solution for improving communication with customers to reduce credit card fraud and increase customer service, concurrently.
Australia?s FSM one of only 15 vendors invited to MasterCard International?s Global Risk Management Symposium in San Diego, 21-24 June 2004.
Financial Services Messaging (FSM), developer of fraudAlert, was one of only 15 vendors invited to attend and exhibit at MasterCard International?s Global Risk and Fraud Symposium, Security Masters 2, in San Diego running 21-24 June. Electronic messaging was identified as an important, emerging tool in the fight to combat credit card fraud.
During a panel discussion featuring MasterCard?s five regional heads of security and risk services on the topic of Payment Card Fraud: A Global Perspective, the use of SMS to confirm credit card transactions in Europe was cited as successful.
Brian Bayliss, MasterCard?s Vice President and Regional Security Head of Europe, South Asia, Middle East and Africa said, ?Electronic messaging such as SMS has been used successfully in various markets in Europe to quickly communicate with customers - helping banks to identify and act upon fraudulent activity.?
Kostas Siourthas, founder and managing director of FSM, said that the European experience showed that electronic messaging now made it much easier for banks to communicate with their customers to prevent credit card fraud.
?Banks know that one of the key ways to cramp down on card fraud is to improve the speed of communication and access to customers in order to check out-of-character transactions. While customers don?t want to be sent an SMS every time they make a payment, they do want the assurance and confidence that their bank will contact them immediately when any transactions are out of the ordinary. We have designed fraudAlert in consultation with the world?s leading banks to develop a technology that integrates with existing fraud detection systems to allow financial institutions to contact customers quickly and easily.
?With credit card issuing banks around the world looking for ways to reduce fraud and increase customer service concurrently, our fraudAlert solution is receiving great interest as a tool to help achieve this,? said Siourthas.
About fraudAlert
Developed in Australia for the global market, fraudAlert is one of FSM?s range of electronic customer messaging solutions designed specifically for the financial services industry to allow banks to improve their communication with customers via a range of electronic channels of the customer?s choice, including SMS, instant messaging, email, fax and voice. FraudAlert is available in multiple languages and it?s plug-and-play capabilities are compatible with most fraud detection software, including Fair Isaac?s Falcon and ACI Worldwide?s PRM. FSM was acquired by POINT Australia in June 2004.
###
About POINT Australia:
POINT Australia was established in Sydney in 1995 and Melbourne in 1998 and has since developed an enviably strong presence in the local market delivering enterprise solutions to clients such as Woolworths, Freedom Furniture, Novo Nordisk Pharmaceuticals and the Commonwealth Bank of Australia.
POINT?s solutions are based on leading global technology from S1 Corporation, including their world leading CRM system, S1 CRM Enterprise Platform 3 (EP3). POINT Australia acquired Financial Services Messaging, developers of electronic messaging solutions for the banking industry, in June 2004.
The highly skilled, experienced and motivated POINT Australia team can tailor a solution to fit specific business needs. This team has been directly involved with the design, integration and implementation of POINT solutions throughout the world. This team now contributes to and addresses R&D out of its local offices, continuing the tradition of Australia based ingenuity, pushing back the boundaries of modern software design.
For media information contact:
Claire Hosegood
Kinetics Pty Ltd
Phone: (02) 9976 6611
claire@kinetics.com.au