Iliad's Snapcount changes the rules for card fraud management
22 June 2006 | 2893 views | 0
Source: Iliad Solutions
Iliad Solutions Limited, a leading provider of open standards authorisation system and testing software, announces the release of Snapcount, a patented fraud prevention software suite. Designed for Card Issuers, it uniquely enables transaction rules to be defined at an individual card level, by either the issuing bank or the card user, significantly reducing Card Present and Card Not Present (CNP) Fraud.
Designed to work seamlessly in collaboration with existing fraud reduction strategies within Financial Institutions, Snapcount allows specific card usage rules to be applied at either product or individual customer level, which determines how the card should, or should not be used.
"There is one fundamental question that an issuing bank is trying to answer with any card authorisation: is this transaction intended by the cardholder? Who is in a better position to determine whether it is or not, than the cardholder themselves," said Anthony Walton, Managing Director, Iliad Solutions. "For example, if I don’t have a computer, it is very unlikely that I will buy goods on the internet, so why not set up a rule for my credit card that ensures that all internet based transactions are not allowed on my account."
"In addition to the reduction in fraudulent transactions, SnapCount will also allow banks to significantly increase their customer service levels by reducing customer referrals to transactions that the card holder intends to perform, such as a large value or specific purchase", added Walton. "After all, there is nothing worse than having your card referred when you are entertaining clients or buying a special present for a loved one. SnapCount allows the guess work to be taken out of these card authorisations by ensuring that they are already pre-set for the card."
As well as allowing cardholders to set up default rules to block transactions such as foreign ATM withdrawals, Snapcount also allows the cardholder or issuer to set up temporary rules to cover periods when they may want to allow particular transactions to be authorised, such as times when the user is on holiday.
Snapcount is targeted at all card products including Debit, Credit, Top-up, Stored Value and Prepay solutions such as 3V (www.3v.ie) where Snapcount is currently implemented to manage the card schemes usage rules.