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3.14 Nouvelles (en Anglais)

    "3.14 Financial Presents a New Focus towards Banking Fraud Prevention." (05-12-2005)

    The financial IT company, 3.14 Financial, decides on playing its part in combating banking fraud. Focusing on the post-detection process, creating customer alerts and optimizing communications, it hopes to improve fraud prevention.

    Card fraud remains a problem costing the banking industry billions of dollars each year. Financial institutions react by investing in detection systems to stop fraudulent purchases from materializing. They do this by detecting patterns and spotting unusual account activity; larger purchases are scrutinized closer, and other parameters are used to flag potentially unauthorized activity. During the following step the customer is contacted to verify if the purchase was done with their authorization. While detection and prevention systems are extremely important, a new initiative is made at the post-detection level. It centers on quick and effective communication with the customer.

    3.14 Financial’s Banking Fraud Alert System combines all the latest technology in telecommunications into a neat interface that takes into account customer preferences. The best way to monitor unauthorized contact is by keeping constant contact with the customer. In order for this to translate into better customer service, the contact must be convenient and unintrusive to the customer. Thanks to new technology and media channels, contact with the customer does not have to be intrusive.

    The interface manages communications by alerting customers through Email, SMS, or personalized calls based on the customer’s preference. All communication channels allow for automatic responses. Upon the receipt of an alert for potential fraud, the customer can instantly respond whether the transaction is valid or not. It can be as easy as sending an SMS message, email, or touch-tone entry on the phone. Telephony is managed through an Interactive Voice Response (IVR). If the transaction is fraudulent, live customer support will be provided instantly.

    3.14 Financial’s system accounts for the latest concerns regarding banking fraud. Security is very important and that is why emails are sent out with features so that authenticity can be verified. The system is all about security and convenience for the customer.

    Customers want to control their accounts without being inconvenienced. The Banking Fraud Alert system attempts to make it as easy as possible for the customer, evident by the touch-tone and speech recognition capabilities of the IVR system. Customers can also manage their own alerts. Financial institutions benefit as well because it means customers will report fraud in a quicker and more efficient manner.

    For now, combating banking fraud is a challenge that 3.14 Financial feels it should take on. They will help financial institutions install the appropriate solution.

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