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The Cost of Fraud

Lost transaction revenue due to switching cards during transactions

Calls into/from call-centres to resolve issues

Administrative costs for canceling and issuing replacement cards

Rising costs for transaction monitoring

Damage to bank and credit card company brand/image, client frustration

XMVerify

Mobile Transaction Verfication and Authorization

XMVerify Logo

XMVerify leverages the ubiquity and convenience of mobile devices to allow customers to receive notification of and authorize transactions.

Visit the XMVerify website! »

How it Works

  1. Customer attempts to complete a transaction.
  2. System using XMVerify receives transaction request, looks up customer mobile number.
  3. An SMS (text) message is sent to the customer's mobile phone requesting a Personal Identification Number (PIN) to authorize the transaction.
  4. Customer receives SMS, confirms details, then enters their PIN
  5. System verifies customer PIN, transaction is completed

Uses for XMVerify

Verification Services

  • Credit card issuers verify fraudulent transactions by asking user for authorization
  • Credit bureau and financial services firms verify access to credit information
  • Healthcare and insurance verify access to health records

Billing and Transaction Authorization

  • Merchants use system for authorization of consumer bills / invoice payments
  • Financial Institutions use system for cash management and authorizations of payment cards/joint credit cards

Case Study: Credit Card Fraud

The Problem

The growth of credit card fraud is increasing rapidly. The result is greater risk to credit card companies and subsequently higher fees to merchants and end customers:

  • Credit card companies must charge higher fees to account for high costs of fraud.
  • Merchants pay high interchange fees for accepting credit cards due to fraud. These costs are passed on to the consumer in the form of higher prices
  • The highest risk and subsequently highest interchange fees are associated with card not present transactions - chief of which are online purchases.

Current Efforts to Combat Credit Card Fraud

  • Visa and MasterCard have increased interchange rates to help cover the costs of risk
  • Credit card issuers incur huge costs attempting to monitor and prevent fraud
  • In response to fraud, issuers freeze credit cards, this action incurs additional costs for the issuer
  • Visa and MasterCard are introducing debit cards that limit the extent of loss in a transaction, however this does not reduce the likelihood of fraud related card not present transactions
  • Numerous efforts are being made to motivate consumers to take greater responsibility into their own hand to limit identity theft

While efforts are being made to lower the likelihood of fraud, the costs are still substantial. Clearly, additional means are required to deal with fraud.

The XMVerify Solution

XMVerify - Transaction Approval

Credit card issuers and consumers tremendously lower the likelihood of fraud when utilizing XMVerify. XMVerify provides enhanced credit card security through real-time mobile authentication, covering:

  • Card not present transactions
  • Corporate purchase card approvals
  • Purchase notification

XMVerify lowers the risk for card not present transactions by having consumers acknowledging and approving the transaction.

XMVerify reduces the risk of card theft by providing multi-factor authentication. Thieves would need to steal a consumer's credit card, mobile phone and PIN number in order to complete a fraudulent transaction.

All transactions and information are protected by Xtreme Mobility's secure encryption technology, utilizing one of the highest cryptographic standards compatible with almost all mobile platforms available.

Visit the XMVerify website »