Ondot Systems, the leading provider of mobile-based card services, and payments provider Elan Financial Services™ have enhanced the My Mobile Money app to now offer two-way fraud alerts for Elan processed debit cards.
Using real-time alerts via My Mobile Money, financial institutions can now communicate directly with their debit cardholders to confirm transactions, reducing the risk of declined payments for fear of fraudulent activity, or false positive card blocks. It also can reduce the need for cardholders to call their financial institutions to report fraud, which can save them time.
“Our financial institution clients are always looking for new ways to provide their debit cardholders with fraud prevention options,” said Troy Cullen, president of Elan Financial Services. “By working with Ondot to provide a mobile fraud alert service, we are empowering consumers to keep an eye on their card activity, whether they are shopping at their local grocery store or reviewing their transactions.”
The new, two-way fraud alert puts the power of fraud protection in the consumers’ hands as well by giving them the ability to review recent transactions and flag those that appear fraudulent directly from the My Mobile Money app. Flagging transactions notifies Elan to investigate the transaction and, if needed, replace the card.
“Traditionally, when Elan has reached out to their financial institutions’ cardholders via phone to alert them to potentially fraudulent activity, they have less than a 10% chance of reaching cardholders on the first try. This results in higher rates of false positive fraud blocks and missed fraudulent activity,” said Vaduvur Bharghavan, president and director of Ondot Systems. “Through our integration with Elan, the notification of a potential fraud situation is in real-time through a mobile app push notification, which significantly increases the contact rate and helps financial institutions and their cardholders work together to identify fraud, without cutting access to their debit card.”