THE CHALLENGE CEO of Luottokunta estimated the total bank costs in re-issuing a payment card at 140€ THE SOLUTION Nets makes use of Bookit's iSMS plug-in for Microsoft Dynamics CRM, which provides an interactive outreach channel for responding to suspicious transactions on the customer's account. THE OUTCOME Up to 86% customer response rate to fraud alert messages by text message (Luottokunta /Nets)
Smartcom Labs, Luottokunta
Fraud prevention through actionable transaction alerts, Microsoft Dynamics Plug In, Loyalty, & Mobile payment.
When a bank suspects fraudulent activity on a card, it stops access to the card until they can speak to a customer. However, up to 90% of suspected fraud turn out to be false-positives, creating unnecessary card-blocks. Moreover, 1 of 20 customers can be reached by phone. If fraudulent activity is suspected the cardholder receives a text message from Nets with transactions details and is asked to confirm charges by replying with a single letter A to accept. Their identity and transaction is then either confirmed or denied depending on their response allowing immediate verification.
The solution has allowed the call center to cut costs, operate more efficiently, reduce false-positive account disruptions, and engage customers quickly to identify fraud on their accounts.
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