PUNE: To address the rising number of fraud cases related to debit and credit cards, two companies, Atom Technologies and Tranwall have come up with an innovative solution based on mobile technologies.
As online safety remains a concern for people they hesitate to use digital platforms for banking transactions. To address this problem the companies are providing mobile solutions to control their payment cards thus keeping them safe from online fraudsters.
Customers can now switch their debit and credit cards ‘On’ and ‘Off’ using the technology. Either through the use of a smartphone app or by using Artificial Intelligence-enabled Bot services activated over both voice and chat, consumers can switch transactions ‘On’ and ‘Off’ against the payment cards originating from any channel including Internet (e-commerce), ATM, POS terminals or foreign transactions. Consumers, in real-time, can set their cards/ Net banking as to which particular transaction should or should not be allowed, therefore putting consumers in complete control of who can access their funds.
On a real-time basis customers can request for a status update on cards and accounts, check balances and avail a host of other benefits. While smartphone users can avail the advanced control facility through their bank’s mobile banking app, non-smartphone users can control their transactions via SMS and USSD, therefore all consumers can be protected.
Commenting on the development, Dewang Neralla, Chief Executive Officer, Atom Technologies said, “We are extremely thrilled to introduce this high-caliber technology to the Indian market along with Tranwall. This latest fraud prevention tool, while on one hand empowers customers with the control of their own transactions, it helps banks to bring down the cost of security and protect their liability and is thus a win-win scenario for both."
Greg Haynes, Tranwalls co-CEO said, “By putting customers in control of their finances and enabling them to decide what transactions will and will not be allowed against their payment cards or accounts, our products enhanced security provides consumers with the confidence required in non-cash payments and this has shown to assist in increasing the usage of cards as a payments mechanism."