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An article relating to this blog post on Finextra:

Citi signs for MasterCard inControl tech

Citi is set to roll out MasterCard's inControl technology, giving customers the ability to set spending controls and receive real-time information about their accounts.


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Bringing the customer into the fraud prevention process

This news is very encouraging for banks and consumers around the world. It’s great to see banks taking steps to give their customers as much control as possible over their account. At the moment it sounds like this will only be used for credit card accounts, but where this type of technology really has potential is when it is implemented across a customer’s full range of accounts with the bank.

 

It will be interesting to see how much this system is integrated into the fraud prevention process within the bank. Alerts, such as SMS messages, can be a very valuable tool to contact a customer immediately and in an unobtrusive manner if a suspicious transaction is made, or attempted. If that alerting process is two-way (for example enabling the customer to reply to say STOP if it isn’t them making that transaction) fraudsters can be stopped immediately, and all future transactions can be blocked.

 

By empowering their customers in this way, banks can reassure them that they take fraud prevention very seriously and are committed to their protection. This example from Citi is encouraging and I’m sure we’ll see more roll-outs of this kind over the next few years as banks adapt to their customers' demands.

 

 

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Comments: (1)

A Finextra member
A Finextra member 19 August, 2010, 10:03Be the first to give this comment the thumbs up 0 likes

David,
Thanks for this blog. It comes just after my own at https://www.finextra.com/blogs/fullblog.aspx?blogid=4363 where I write about the customer needing to take action to help prevent cases of financial crime. I think the technology aimed at the customer, rather than the bank, to help detect and prevent fraud will open up. The good news is that banks are also starting to see this and encouraging customers to take their own fraud prevention measures.

Your comments on my blog are also welcome - Richard