Shazam has announced the launch of Shazam Bolt$, an app for smartphones and tablets that allows financial institutions to offer their Shazam debit cardholders free, mobile access to their debit card accounts. The EFT services provider has also created an online version of its app for cardholders who prefer to access Bolt$ on a PC or mobile browser.
Currently the app allows cardholders to check balances and set parameters for email alerts. In time they will also be able to use the app to initiate person-to-person transfers.
An extension of Shazam's fraud-prevention services, Shazam Bolt$ directly alerts cardholders about potentially fraudulent activity on their accounts. Alerts are generated in three instances:
- If a purchase exceeds an amount specified by the cardholder;
- In the case of a card-not-present transaction;
- When the system detects a suspicious or high-risk transaction.
Email alerts will help halt fraud attempts more quickly, said Dan Kramer, senior vice president of marketing and merchant services at Shazam. "By providing nearly real-time transaction alerts via email — a communication vehicle cardholders are using for everyday interaction — community banks and credit unions will have a more direct line to cardholders, not only limiting fraud losses but [also] potentially improving customer service."
Shazam Bolt$ can incorporate a FI's branding, including the institution's name and logo. The mobile app is being offered to all Shazam network participating financial institutions at no cost.
Shazam created the mobile app to help community banks and credit unions compete more effectively — not only with megabanks, but also with "the Apples, Googles and Verizons of the world," Kramer said.
For more on this topic, visit the mobile banking research center.