Fraud Prevention System (FPS) is a hosted subscription based notification and card control service aimed at addressing the ever increasing problem of card fraud.

When a credit card or bank card is used, a notification is sent to the card holder, e.g. via SMS.  The notification alerts the card holder of any transactions occurring on the card holder’s account and will contain a four digit PIN number unique to the card holder’s mobile number and the transaction.

A notification will only be sent to the card holder if the transaction meets specific criteria set in the FPS Filter Engine. This is to reduce the OPEX for the financial institution, and reduce the number of notifications sent out.

Upon reception of a notification (e.g. SMS), the card holder can reply to the message with a command word and the unique transaction PIN, e.g. “block 1234”. Blocking events received by FPS from a card holder will be reported to the financial organisation using a plug-in architecture allowing for quick and easy integration to different systems in the financial organisation.

The blocking request will be forwarded to the financial institution card system and the card will be blocked for further usage. FPS has the ability to provide near real-time location of the transaction. This feature can be used to contact authorities and to gain evidence (e.g. video evidence) of the fraudster(s) and in best case catch the fraudster(s) in the act.

 

How FPS Works

 

 

 

 

 

 

 

 

 

1. Cardholder receives notification of suspect transactions via a text message, mobile internet or telephone call.

2. Replying to message can block card from further fraudulent use.

 

 

For Further information on FPS please register your interest here.

• Prevents card fraud and alerts card holder.
• All transactions over a configurable amount are monitored by card holder
• Limits time available for fraudster to use card
  
• Possibility for financial institution to override the notification settings
  
• Near real-time location of fraudulent card usage leading to higher probability of locating fraudster as the crime is taking place
  
• Increased security for credit companies and card holder
  
• Reduced OPEX due to flexible notification rules that are wider and more flexible than threshold value triggering only.

 

• FPS is Payment Card Industry Data Security Standard (PCI DSS) Compliant
• All personal data is stored and handled in conjunction with the Data Protection Act
• No personal data is recorded in transaction or error logs
• All card numbers are stored encrypted in the Oracle Vault Database
• The transaction notification, e.g. SMS, expires after a configurable time.
• No card details or personal data are sent in the notification
• All systems located at secure premises and behind high security firewalls and proxy servers
  Connection between Financial Organisation and the hosted FPS is over encrypted secure VPN.

 

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