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Banks/Card Issuers and Account Holders |
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Banks that enable their cardholders to feel in control are set to gain big in retaining and attracting new customers.
The Smart E-Switch Platform enables a bank to decrease the cost of card fraud by:
- Implementing the best blocking limits by enabling cardholders to dictate their spending and usage
- Decreasing the cost of card fraud affecting the market (card-not-present, ATM and cross-border fraud)
- Eliminating mail non-receipt card fraud
- Minimizing customer support cost by eliminating frantic calls from cardholders complaining of rejected card transactions
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The Smart E-Switch Platform provides cardholders/account holders an innovative and effective method of protecting card accounts against card fraud by:
- Giving cardholders / consumers control, confidence and the best quality of service by enabling them to set their own blocking and unblocking limits
- Enabling cardholders to manage dependent’s usage of card account
- Enabling cardholders to block and rapidly report lost/stolen or misplaced cards
- Enabling a cardholder to do a ‘one-click’ unlock of the card account for a specific transaction with an online merchant and sending an instant notification of subsequent authorization request details to cardholder
- Enabling a cardholder to do a ‘one-click’ unlock of the card account for out-of-country card transactions
- Enabling the automatic locking of the card account against out-of-country card transactions once the cardholder is detected to have returned to his home base
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Businesses and Employees |
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The Smart E-Switch Platform enables a business to decrease card fraud and eliminate misuse of corporate cards by :
- Enabling businesses to protect their corporate cards against fraud by giving business account administrators ability to control the usage of corporate cards against fraudulent card-not-present, ATM and cross-border card transactions
- Enabling business account administrators to define blocking and unblocking limits based on merchant category, cumulative amount, per transaction amount, card acceptor’s geographic location, type of card transaction and period of time
- Enabling businesses to block and rapidly report lost/stolen or misplaced cards
- Eliminating frantic calls from corporate cardholders complaining of rejected card transactions
- Enabling a ‘one-click’ unlock of the card account for out-of-country card transactions
- Enabling the automatic locking of the card account against out-of-country card transactions once the cardholder is detected to have returned to his home base
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Online Merchants and Customers |
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The Smart E-POS System enables an online merchant to decrease the cost of fraudulent card payments and enables an online merchant to accept payments from a wider net of consumers by:
- Providing an electronic point of sale (POS) system that mutually authenticates an online merchant and a cardholder and which also uses a strong multi-factor out-of band authentication method thereby ensuring the legitimacy of both the cardholder and online merchant
- Automatically alerting the online merchant if the card account is used by someone else other the legitimate cardholder
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The Smart E-POS System enables customers to feel safe in paying with their card accounts with an online merchant by:
- Strongly authenticating the online merchant to the customer (cardholder) using a multi-factor authentication method, thereby eliminating phishing, man-in-the-middle, man-in-the-browser attacks and ensuring the legitimacy of an online merchant to the registered customer.
- Automatically triggering an unlock of the card account for the specific transaction amount after the successful authentication of both online merchant and cardholder.
- Automatically preventing the usage of a card account by anyone else other the legitimate cardholder and alerting either the legitimate cardholder or the bank’s internal staff
- Notifying registered cardholders each time their registered card account is used to pay with an online merchant.
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Credit Agencies and Consumers |
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The SmartID System eliminates identity theft usually associated with application fraud and account take-over fraud by:
- Enabling legitimate individuals to block or unblock the usage of their Identity (i.e. name, birth date, social security number) against fraudulent applications for new credit accounts
- Enabling credit agencies to check the specific control set by the legitimate individual prior to approving the application of new credit accounts
- Instantly notifying legitimate individuals of new credit accounts
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Government Agencies and Individuals |
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The SmartID System eliminates identity theft associated with obtaining new identification documents, permits and licenses such as but not limited to : passport, driver’s license, gun permit, by :
- Enabling legitimate individuals to block or unblock the usage of their Identity (i.e. name, birth date, social security number) against fraudulent applications for new official documents such as passport, permits
- Enabling government agencies to check the specific control set by the legitimate individual prior to approving the application of new identification documents, permits and licenses
- Instantly notifying legitimate individuals of new applications of identification documents, permits and licenses
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