Source: Retail Decisions
Travelex, the world's foreign exchange and international payments specialist has chosen to partner with Retail Decisions (ReD), a card issuer and a world leader in card fraud prevention and payment processing, for the provision of fraud prevention services for its Cash Passport product.
The prepaid travel card from Travelex can be loaded with foreign exchange which can then be used to withdraw cash abroad in the local currency at over 1 million Visa ATMs or spent in millions of Visa merchants.
Carl Clump CEO at Retail Decisions said "We are delighted that Travelex has chosen ReD PRISM to monitor card usage patterns and detect fraud on the Cash Passport. On any given day ReD PRISM scores 35 to 50 million transactions for the largest card issuers and payment processors in the world."
Peter Jackson, Head of Fraud & Risk Management from Travelex commented "The Cash Passport product is really taking off with consumers so it was the right time to strengthen our fraud prevention. In the last 12 months Travelex has issued over 600,000 Cash Passports around the world with 30% growth in the UK. After a thorough procurement process, we are delighted to choose ReD PRISM, a fully hosted service, which offers the internationally focused capability we require and an intuitive workflow based approach. The delivery of the overall solution, and ReD's responsiveness to our requirements have been outstanding. Travelex is committed to combating the threat of fraud throughout its travel money products and this solution strengthens Cash Passport while reducing internal costs."