Spectrum Message Services – MoneyGUARD

What is MoneyGUARD

MoneyGUARD is a suite of products that puts the consumer back in control of their bank accounts and lines of credit, 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.

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 technology 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.

MoneyGUARD and the cardholder.

Cardholders who know that their cards are protected against fraud have an increased level of confidence in payment systems and a higher degree of comfort using and carrying multiple cards.

At the same time, MoneyGUARD technology puts the cardholder in control of his or her credit card account and lines of credit by facilitating a host of interaction opportunities. This is why consumers find real value in the offering and are prepared to pay for the services provided.

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

.... all by simply initiating an outgoing text message.