A new text-messaging solution from Logica PLC could help to reduce escalating levels of credit- and debit-card fraud. Logica's C-TAS solution allows financial institutions to alert cardholders of any suspect card transactions, anywhere in the world.
The system works by picking up exceptions issued from the card issuers' fraud-management systems or through alert parameters predefined by the consumer. When one of these parameters is breached, an SMS (Short Message Service) text alert is sent asking the consumer to respond immediately to the card issuer and to verify a transaction as valid or fraudulent. This method is quick, and Logica claims that it is also a highly reliable and more cost-effective way of tackling card fraud than traditional telephone or mail contact with consumers.
Logica's C-TAS solution is also integrated with the company's Global Interconnect Network, which provides messaging interoperability between mobile carriers across the globe. Effectively this makes the solution network- and country-independent, enabling consumers to receive alerts from their card issuer wherever they are in the world.
Card issuers could gaing a double benefit from this solution: the reduction in actual fraud as well as lower administration costs of dealing with fraud enquiries.
Logica is a global solutions company providing management and IT consultancy, systems integration, products, services and support.