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Clairmail Brings Fraud Management To Mobile Banking Technology

February 17th, 2011 02:00 admin Leave a comment Go to comments

ClairMail, a company that creates a mobile banking and payments platform, is rolling out a new product for financial institutions today—a mobile fraud management solution.

ClairMail helps power mobile banking and payments for financial institutions (the company counts eight of the top 12 North American banks as customers). ClairMail processes millions of transactions per month for its customers across retail banks, credit unions and card service companies, allowing consumers to make payments and access banking information via SMS, the mobile web and client applications, across a variety of mobile devices.

ClairMail’s Fraud Solution allows financial institutions to generate and deliver real-time alerts that allow customers to monitor account spending and identify fraudulent transactions more quickly. In addition, ClairMail will automatically identify suspect transactions and allow users to resolve the issue from their mobile phone.

The alerts themselves (text and in-app) will enable banks and consumers to define and customize alerts based on suspicious activities or on thresholds the consumer sets. So you could set a fraud alert for anytime your card is used for purchases above $2,000, and if the alert is set off, the user can instantly respond confirming or denying the validity of the transaction.

The company, which has raised nearly $35 million in funding, is growing fast in terms of both revenue and customer acquisition. With the rampant problem of identity theft and stolen credit cards, a mobile fraud prevention product makes a lot of sense, especially if it is centralized around mobile devices.

Source: Clairmail Brings Fraud Management To Mobile Banking Technology

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