According to the US payment provider, the integrated solution will add a critical layer of protection to financial institutions’ fraud systems through interactive SMS messages to identify and stop fraud quickly.
The ACI mobile alert system will enable instutions, to track dubious transactions in near real-time and send an SMS message to the customer containing details of the transaction including location and amount.
The firm said that in case of fraud transactions, the customer can respond with a simple ‘BLOCK’ message and the card can be frozen, thus preventing the possibility of fraud.
Commenting on the launch of the new tool, ACI Worldwide global product business operations vice president Craig Saks said that the banks, processors and merchants are all vulnerable to the threat of mass data breaches.
"Traditionally, these events were hard to detect as they were reliant on the fraud being reported by the customer days, weeks or even months after it was first noticed. The availability of this enhanced mobile alerting solution advances fraud detection and mitigation by allowing the customer to interact directly with the fraud detection system thus significantly shortening the time between when a suspicious activity occurs and when it is first reported," Saks said.
The solution also enables users to ask the banks for automatic notification of transactions which meet pre-defined fraud prevention parameters including international charges, transactions of more than a certain value or online charges, said the firm.
They can also use the tool and its mobile browser extensions, to request balance inquiries, change credit limits, change personal alert thresholds, or receive one time passwords, claims ACI worldwide.
