New Tool To Switch On/off Cards To Check Fraud

Amidst rising instances of online frauds, a new software tool allows credit/debit card customers to switch on or off the card, thus preventing cloning of card details that can lead to fraudulent transactions.

City-based payments solutions provider Atom Technologies, a 63 Moons company (formerly Jignesh Shah’s Financial Technologies) today launched an e-shield in association with the Australian firm Tranwall that aims to mitigate risks and empower consumers with real-time transaction control.

Applicable for both smartphone and non-smart phone users, the e-shield enables banks to lower card and account- based frauds thereby bringing down cost of security, Atom said in a statement.

Dewang Neralla, chief executive of Atom said this latest fraud prevention tool empowers customers with the control of their own transactions apart from helping banks to bring down the cost of security and protect their liabilities.

The software enables a consumer to control use of their cards in real-time, Atom said, adding it aims to sell the software to all major banks in the country.

According to official data, as many as 25,800 frauds involving about Rs 179 crore using credit/debit cards and online banking were reported in the country in 2017, the statement said.

A customer can avail of the e-shield either through their smartphone app or by using artificial intelligence-enabled services activated over both voice and chat, which will enable switching off or on credit/debit cards after a transaction at any channel like online purchase, ATMs, PoS terminals or even after a foreign transaction.

The software also allows the customer, on a real-time basis, to request for a status update on the cards and accounts, check balances. While smartphone users can avail of the advanced control facility through their bank’s mobile banking app, non-smartphone users can control their transactions via SMS and USSD.

Set up in 2006, Atom serves over 30,000 merchants from the e-tail, retail, government, utility, BFSI, DTH, education, entertainment, travel & tourism, telecom sectors etc.

Tranwall is an Australia-based technology company specialising in payment technologies and services across multiple regions, including the Middle East, Africa and the Asia Pacific.