Credit card fraud costs cardholders and issuers hundreds of millions of dollars each year. While theft is the most obvious form of fraud, it can occur in other ways. For example, someone may use your card information without your knowledge. It is now possible for credit card companies to take steps to track and monitor the usage of their credit card by deploying Openstream's SMP FraudWatch. During the evolution of cards, fraud has been committed using variety of schemes like dumpster diving, stealing card numbers from merchants, re-encoded counterfeits, mail fraud and most recently by breaking into merchant sites, transaction systems and consumer identity theft. FraudWatch is built using Openstream's SMP (Smart Messaging Platform) components. The scalable and distributed framework is built using open standards like J2EE, XML and has been tested to work on many of the popular products like WebSphere Application Server, MQ and WebSphere EveryPlace Access from IBM for high throughput, horizontal and vertical scalability.

Features

• FraudWatch delivers secure information access and delivery
• Alerts: FraudWatch provides alerts (Card holder/ Issuer specified) via SMS, Enhanced SMS, Paging, FAX and Email. When users don't have access to web or devices, they can choose to have the alerts delivered by Voice on their fixed/mobile phone
• Voice Verification: The system uses special scheme to authenticate devices and users. For voice alerts, voice verification has been incorporated to improve secure delivery
• Easy to use Rules Manager/Engineto build and modify rules. Since Issuer has direct access to rules, these can be quickly modeled, modified and tested. Works with some of the popular network based credit/transaction scoring systems
• Web based GUI is provided to review and respond to potentially fraudulent transactions appropriately

Benefits to the Card Issuer

• Intelligent tool to monitor the usage of credit cards and prevent the frauds
• Enhanced customer satisfaction
• Prevention of losses incurred by fraudulent transactions and hence increased profits Secure and scalable solution