Shazam releases secret weapon against fraud
Des Moines, Iowa, March 2, 2010 -- SHAZAM proudly announces the implementation of its new fraud prevention service, SHAZAM Card Block. It gives financial institutions the ability to respond quickly to fraud trends, minimizing the amount of fraud losses to the financial institution.
"When our financial partners feel the financial sting of fraud, they need to be able to react quickly to protect their profitability," said Michael Hollinger, SHAZAM President and CEO. "We looked at the best way to minimize the impact of fraud as the trend is recognized. By preventing it at the source, we give our financial institutions the best chance at avoiding large losses from fraud."
SHAZAM Card Block allows financial institutions to proactively block transaction authorizations at the bank identification number (BIN) and primary account number (PAN) levels based on a variety of transaction characteristics. Using SHAZAM's internal, customer-only Web site, financial institutions will be able to place an authorization block from an easy-to-use, drop down menu in only minutes.
"At SHAZAM, we deeply believe in the success of our financial partners. Their success means our success," said Hollinger. "Fraud is a key area that we are committed to fighting on behalf of the financial institutions on our network. We continue to focus our efforts on the development of highly effective fraud prevention tools under our SHAZAM® R.A.D.A.R.™ suite of products."
Source: Company press release.