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New solution launched to combat bank card fraud

27 January 2016, 15:18

Abuja - Interswitch Transnational, the technology company, has launched a new solution for setting card transaction permissions and controlling transaction types and amounts.

Known as ‘Transaction Control’, this solution is a card-based anti-fraud solution that automatically locks down a bank’s issued cards based on preset criteria.

The fully customisable solution comes with predefined card permissions and allows for a variety of permissions to be set and activated in accordance with the wishes of the card issuer and the cardholder.

It works across the major debit and credit card platforms operational in Nigeria today (Verve, Mastercard and Visa) . Already existing cards can be enabled to make use of the solution without any need for reissue.

Also read: Partnership set to drive Nigeria cashless economy

Card Transaction Control, Head Products and Innovation at Interswitch, Inalegwu Alogwu, said Card Transaction Control was one of the many ways they continued to respond to the needs of their customers and partners intuitively.

“We understand the need to create solutions that are relevant and specific to the business environment we all operate in and so it was important for us to create a way to enable Nigerian card holders take control of their own transaction security in a way that is customisable and easy to use,”
said Alogwu.

The official said Card Transaction Control improved the relationship between cardholders and card issuers by bringing the experience under the control of the user, which was important all over the world, but particularly in Nigeria.

- CAJ News

Tags nigeria

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