Banks validating customers

Posted by / 24-Aug-2020 03:18

Banks validating customers

Although this is done for valid security reasons, it can cause great inconvenience for cardholders.

If the transaction attempt was legitimate (a business trip, holidays in a foreign country) and the bank still blocks the card, the client will experience difficulties.

The solution does not depend on internet connectivity, which ensures message delivery regardless of data connection availability abroad.

All of this results in a more accurate assessment of risk associated with credit card transactions performed abroad and less damage to client relations.

With cardholders now travelling and transacting internationally more than ever, financial institutions around the world are faced with the need to constantly upgrade their fraud detection systems and devote considerable attention to credit card transactions attempted or performed abroad.

As the world of banking transactions increases rapidly, so does the need for assuring payment details are captured correctly.

Sometimes they will block a credit card transaction if it is attempted from outside the holder’s country of residence, or in a country where the cardholder has never made a transaction.

In many instances fraudulent credit card activities are attempted overseas, and blocking suspicious transactions is the standard procedure.

In some cases this is also accompanied by complaints and damage to client relationships.

Number validation, a telecom resource which integrates easily with any core IT system, allows banks to determine if a mobile number is roaming, and use the insight to assess the risks of fraud more accurately.

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Professional 2-Way SMS service enables this procedure through seamless integration with any type of core back-end system, which can then be easily combined with number validation.

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