Mobile phone-based fraud prevention system launched
Baroda-based IT services provider, Ekkay Magic is in talks with a host of banks to offer its cellular based fraud prevention system for all ecommerce transactions in the country.
By PTI |
MUMBAI: Baroda-based IT services provider, Ekkay Magic is in talks with a host of banks to offer its cellular based fraud prevention system for all ecommerce transactions in the country.
The company on Monday launched the service--Courbar--that sends alerts to customers on any possible account frauds in the real time, Ekkay Magic's Head of Business Operations, Joyesh Sampat told reporters here.
"Each time a card/account is used to make a purchase, the bank verifies the identity of the holder before approving or disapproving the transaction based on the type of authentication received," Sampat said.
The bank is in talks with private sector banks including Yes Bank and a host of other players from public sectors to offer the service. At present, Ekkay has capacity to handle 8 crore calls a month, he said.
ATM card related frauds reported a 80 per cent increase in the past three years while credit card frauds grew by a massive 500 per cent, according to Ekkay's study.
Similarly, phishing cases have risen by 180 per cent in 2008 alone, Sampat said.
The company on Monday launched the service--Courbar--that sends alerts to customers on any possible account frauds in the real time, Ekkay Magic's Head of Business Operations, Joyesh Sampat told reporters here.
"Each time a card/account is used to make a purchase, the bank verifies the identity of the holder before approving or disapproving the transaction based on the type of authentication received," Sampat said.
The bank is in talks with private sector banks including Yes Bank and a host of other players from public sectors to offer the service. At present, Ekkay has capacity to handle 8 crore calls a month, he said.
ATM card related frauds reported a 80 per cent increase in the past three years while credit card frauds grew by a massive 500 per cent, according to Ekkay's study.
Similarly, phishing cases have risen by 180 per cent in 2008 alone, Sampat said.
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