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Elan, Ondot unveil 2-way fraud alerting in My Mobile Money app

October 13, 2017

Elan Financial Services has enhanced its My Mobile Money app to offer two-way fraud alerts for Elan-processed debit cards.

Elan teamed with Ondot Systems, a provider of mobile-based card services, to implement real-time alerts on the app. This enhancement allows FIs to confirm transactions directly with the cardholder, reducing the risk of declined payments and false-positive card blocks.

The system also can reduce the need for cardholders to call their financial institutions to report fraud, which can save time.

Additionally, the two-way function allows consumers to review recent card transactions on their mobile device and flag any that appear fraudulent, without leaving the app. This notifies Elan to investigate the transaction and, if needed, replace the card.

"Traditionally, when Elan has reached out to their financial institutions' cardholders via phone to alert them to potentially fraudulent activity, they have less than a 10 percent chance of reaching cardholders on the first try," Ondot President and Director Vaduvur Bharghavan said in the release.

"Through our integration with Elan, the notification of a potential fraud situation is in real-time through a mobile app push notification, which significantly increases the contact rate and helps financial institutions and their cardholders work together to identify fraud, without cutting access to their debit card."