MoneyGUARD is a suite of products that puts the consumer back in control of their card based accounts, without requiring expensive changes to infrastructure. Via real time SMS communications it can increase customer satisfaction, reduce fraud, and provide a separate communications channel to the customer. Alerts can be generated from the fraud management application that the issuer runs or directly from the transaction host based on customer preferences.

How MoneyGUARD works:

The reason bank card fraud tends to be so successful is because the cardholder is usually not immediately aware that his or her card was stolen, lost or copied, and is being fraudulently used. MoneyGUARD changes all that by taking advantage of a completely independent, real time communications channel – the cardholder’s mobile phone.

The effectiveness of the system is based on the fact that mobile phone networks exist globally and that each payment transaction is routed back to the card issuing host. So irrespective of the merchant and the merchant acquiring network, as soon as a transaction reaches the host a message can be automatically generated to the cardholder – in most cases whilst their receipt is being printed. Using MoneyGUARD technology, the cardholder is notified instantly, via a detailed text message, every time a transaction of any kind, (including ATM and internet transactions, debit or credit purchases through POS terminals, Mail Order Telephone Order (MOTO), takes place.

If the cardholder did not initiate, authorize or recognise the transaction they can simply block the card by responding to the message. The help desk can then contact the customer, knowing that a potentially fraudulent transaction was signalled, and assist with organising replacement cards, enhancing the customer experience.

The system runs separate from the main Authorising Host and does not impact either transaction flow or speed.

Features:

• Built in SMS gateway to connect to multiple operators
• Filters transactions real time
• Interfaces to transaction host or fraud monitoring application
• Supports interactive queries
• Can do push and pull messages
• Supports two factor authentication with One Time Password generation
• Has a billing engine for fee generation
• Interfaces with the help desk
• Client can respond to block a card
• Supports range of interfaces
• Includes monitoring and administration tools
• Highly scalable
• Has built in campaign tools

For example a card holder can:

• set their own parameters on when, how frequently, and for what type of transactions they wish to be notified,
• request card account balance on demand or be sent at preset intervals,
• view credit/debit entries against the card account,
• get foreign exchange rates and up to date interest rates,
• adjust spending limits on a card interactively
• activate or temporarily block the card