Sometimes, even something as complex as stopping card fraud can come down to something relatively simple: better communications. A sterling example of this is the FIS SecurLOCK Communicate system, which just received the Best in Category award for the Fraud Fighter category in the Pay Awards given by Paybefore magazine.
SecurLOCK Communicate, which is based on FICO Customer Communication Services, contacts bank customers in near real-time when fraud is suspected. The two-way communication system provides for auto-resolution via SMS/text, email and voice in a fully automated process that reduces overhead and minimizes losses.
The results are impressive:
- Response rates have dramatically improved from hours or even days to 11 minutes on valid transactions and 31 minutes when confirming fraud.
- An overall 80 percent response rate is being achieved. In addition to reducing fraud loss dollars, there is downstream value to retailers as well by eliminating chargebacks.
- Financial institutions are achieving a 49 percent card fraud reduction rate with this single system.
- This solution also has been instrumental in helping law enforcement to apprehend fraudsters before leaving a merchant location.
Congratulations to FIS on their award!