Fraudulent transactions are an increasing problem
Particularly with increasing volumes of Internet and card not present transactions, as well as high levels of global travel. The cost of fraud can be substantial and managing the process adds even more cost to a business. But, the opportunity cost of labelling a genuine transaction as potentially fraudulent can be even higher.
Engage Solutions are designed to reduce fraud, reduce the cost of managing the process and help you identify genuine transactions.
Did you know?
- There were an estimated 38 million debit card accounts and 15.5 million credit card accounts on issue in Australia in 2013. With 87% of the adult population estimated to own at least one debit / credit card, averaging approx. 3 per person.
- In 2013 Australians spent a total of $624 billion on credit and debit cards
- Card fraud rates grew from 43.6 cents to 48.7 cents for every $1,000 spent. That’s an increase of 4% to the total amount spent.
- Most of this increase (72%) is due to a rise in card-not-present fraud, which has increased from $183.1 million to $219.7 million.
- The majority of this fraud (59%) occurred overseas.
- The biggest factor has been the expansion in online shopping– estimated to have grown annually by 35% over the last 4 years.
- 10% of Aussies say that they have been a victim of credit card fraud at least once between 2009 and 2014.
5 Simple Business Benefits
- Reduce the time to identify and solve a fraudulent transaction from hours to minutes by automating SMS transaction notifications
- Decrease fraud costs – identify fraudulent transactions quickly to reduce further risk of fraudulent transactions
- Increase revenue - increase the number of genuine transactions with positive consumer response
- Improve management information - You cannot tell if a customer has read a letter, buit Engage offers instant enhanced delivery receipts
- Improve Call Centre Efficiency – automate simple customer care functions and reduce call centre overhead
SMS, email and voice broadcast communication options
Easy integration to existing business systems - build services in minutes
Call Connect to connect a user directly to your call centre
Act on instant, enhanced Delivery Receipts
Use unique PINs or CVV to authenticate CNP transactions
Add location based look ups to further authenticate