Visa Protects Bank Customers from Fraud
January 04, 2018
Visa’s freeze client card services and mobile location confirmation technology are powering CIBC FirstCaribbean’s anti-fraud offerings.
New tools enable bank customers to receive real-time alerts about transactions as they happen. These tools also allow customers to stop activity on their credit cards if they have lost or misplaced them. And clients can use their mobile phones to reactivate the cards if found. A feature called mobile location confirmation notifies the bank of the customer's location, and compares that to the card's location.
"The bank is committed to putting industry-leading mobile banking capabilities in our clients' hands," said Trevor Torzsas, CIBC FirstCaribbean's managing director for cards and customer relationship management. "We listened to our clients and added these enhancements to meet their needs and demands. We added a two-step verification process (fingerprint/touch ID sign in) as well as the capability for card users to transfer funds and track and monitor their transactions from their smartphones."
Mobile banking solutions are prolifering around the world, particularly in regions that didn’t previously have well-established financial entities and processes in place. India is one important example on this front.
Before 2009, nearly half of India’s population lacked the identification needed to open bank accounts and purchase cell phones. But, the government implemented several programs that have changed all that.
Now they can purchase and use mobile phones, which they can use to make transactions. And a new stored and encrypted documentation technology called India Stack keep everyones’ proof of identity, bank statements, and bills in an online repository.
“That means you can go into a bank and you can open a bank account with your
fingerprint,” explains Raoul Pal of research publication Global Macro Investor. “They just pass electronically and know your client details instantaneously. That takes all the friction out of everything.”
Edited by Mandi Nowitz
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