CR2’s CardWorld FraudTRAP has gone live at National Société Générale Bank (NSGB- Egypt) helping to protect the bank’s customers from debit card fraud. The system has so far proved to be an invaluable tool in addressing card fraud; having been running successfully since nine months. (NSGB says)
The problem of card fraud is a continuing challenge for banks worldwide
Martin Dolan, CEO, CR2 comments; “The manner, speed and sophistication of how fraud occurs are constantly evolving. Fraud cost banks a lot of money, not only in fraud prevention and investigation costs. It is also estimated that 30% of customers affected by fraud will close their account with the bank involved, irrespective of who is at fault.”
“CardWorld FraudTRAP is a powerful tool card issuers can use to help counter the losses and reputational damage associated with fraud in issued cards. CardWorld FraudTRAP is designed to be used in a real-time interactive manner to adapt to the ever changing nature of card fraud. Importantly, it allows card issuers to safeguard confidence in their card payment system.”
Kieran Kilcullen, Director of Sales and Marketing, CR2, describes how FraudTRAP can help combat card fraud; “With CardWorld FraudTRAP, customers can use pre-approved criteria to allow transactions, notify the cardholder of account activity, reject the transaction and restrict or even capture the card if deemed necessary.”
CR2 heavily invests in R&D in fraud prevention to enable banks to keep their customers finances safe and keep them in control throughout all the payment chain. If customers are not alerted and if they do not authorise it, they can rest assured that there are no transactions happening on their account.