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Moqom has created a suite of new solutions to deal with the ever increasing problem of Card Fraud.
And what makes our solutions unique is that they are end-to-end solutions in that they protect all players in the process the cardholder, the merchant acquiring bank, the issuing bank and the merchant.
There are currently two of our solutions ready for the market, Fraud Prevention System (FPS) and Merchant Alert (MA) with several other concepts being developed and patents pending on others.
Fraud Prevention System (FPS) is a hosted transaction, notification and monitoring service that addresses the ever increasing problem of credit, debit, ATM and Card Not Present (CNP) card fraud.
It works by providing SMS, mobile internet or voice notification to the card owner to indicate that a suspect transaction has occurred on their account.
The bank or end user sets a predefined fraud detection threshold, above which all transactions trigger a notification to the card owner. The notification is sent immediately following the card transaction and provides details to the card owner on how to reject this transaction and freeze their account if they believe it is fraudulent.
FPS protects the Card Holder and Banks from card fraud!
Please Click here for further information on FPS.
Card Not Present (CNP) fraud is an enormous problem for merchants as they are forced to take full responsibility for it. So a service that provides them with timely information that potentially saves them delivering against a fraudulent transaction, provides them with immediate revenue savings.
Merchant Alert (MA) is a hosted transaction notification and monitoring service that primarily addresses the increasing problem of Card Not Present (CNP) fraud.
It can work in two different ways:
- By enabling fraud notifications as soon as they are detected by the Issuing banks (via their customer care and intelligent fraud detection software) which are sent directly to the merchant.
- From Moqoms FPS solution where fraud flagged transactions, sent via HTTP, SOAP or email (with link) directly to the affected merchant.
This indicates that the card transaction they have recently dealt with is fraudulent and should be blocked and the transaction and shipment of goods either halted or put on hold whilst it is investigated further.
Details are also sent to the Merchants respective Acquiring Bank and where applicable, to the Payment Service Provider.