Finextra: Lloyds TSB launches debit card fraud detection service
Lloyds announce a service that’s a long time coming. Many credit card companies have had this service for years. An automated alert to the customers telephone will announce a potential fraud alert.
The message customers hear will ask them if they recognised the transaction in question. If the customer thinks fraud has taken place they will be transferred to a call handler who will then freeze the account and organise a refund. Where customers recognise the transaction, they will be able to confirm it is genuine and end the call.
Source: Finextra: Lloyds TSB launches debit card fraud detection service
The service is based on the First Alert developed by Adeptra which works alongside Lloyds TSB’s fraud detection systems, automatically calling customers, whenever and wherever card fraud is suspected on their account.
The system has been in use for the bank’s credit card customers since 2005 and is now being extended to cover all debit card customers.
This is a strong contributor towards loyalty, because it is a multi channel play.
Anyone know if they will be making a voice call or SMS or hopefully both (with customer selecting)? Two-way SMS with the ability to return a text “yes/no” response to the debit card alert, could be a mini-killer app for mobile banking.
Jim Bruene
Thursday, 15 March 2007 at 00:56
Dead on Jim. I know vendors such as Claremail have that capability, but at this point I only know what I read in the Finextra piece. Any knowledgeable vendors/folks out there, let us know!
Colin
Thursday, 15 March 2007 at 17:05
we provide such systems to card issuing banks. two of our systems allow cardholders to set up their own user limits. a transaction that does not meet these user limits will automatically trigger a notification (SMS and/or email) to the cardholder and flag the card account as compromised. Thus cardholders can ‘turn off’ their card accounts against cross-border atm/payments or internet transactions at will and ‘turn on’ their card accounts prior to using them cross-border or internet…
cardswitch technology
Friday, 7 March 2008 at 09:46