Pub. 4 2015 Issue 3

19 F A L L | 2015 Mobile Fraud Alerts By Terry Dooley ou’ve heard about it, you’ve maybe dealt with it and you definitely know it’s happening — cyber- criminals are constantly on the hunt to steal your cardholders’ personal information. They use tech- niques like phishing, skimming, hacking and even the “old-school” method of simply stealing cards. A great way to protect your cardholders is to offer a mobile banking tool that can detect fraud in real time through a smartphone — in other words, a fraud-fighting application (app). Here are three questions to ask yourself when looking for a fraud detection solution for your mobile banking system: • How easy will it be for my cardholders to download the app? The app should be iOS and Android™ compatible. That seems obvious; how- ever, it’s a simple, yet critical, first step. • How does the app fit into my institution’s brand? Make sure the fraud detection and alerting solu- tion simply “plugs in” to your existing mobile banking platform and the marketing that’s cur- rently being used for that platform. Changing branding, even graphics, can be confusing for cardholders and may end up being more trouble than it’s worth. • How easy is the solution for my cardholders to use? Allowing cardholders to control how and when they’re alerted of suspicious activity is critical. Alerts should occur in real time. In the best case, once cardholders receive an alert, the app will allow them to turn off their debit card in real time so any other transactions will be Y immediately blocked. This gives your cardhold- ers flexibility and control. It’s also an avenue to engage your cardholders in their own security. Cardholders are more aware than ever about how quickly their card can be compromised. Giving them an anti-fraud tool that’s not only flexible enough to work with your existing system but also lets cardholders make decisions can be a value that differentiates you from your competition. Terry Dooley is the Executive Vice President & CIO for SHAZAM Network ITS, Inc. ADVERTISER’S INDEX Accountants | CPA Firms Cherry Bekaert & Holland 3 Elliott Davis 4 Fowler & Company 15 Smith Elliott Kearns & Company 15 Design Consultants | Furnishings BD & E 2 Financial Services Shazam 18 Terrapin Financial Financial Services, LLP 24 IT CoNetrix 7 Risk Management Credit Risk Management 23