Ondot Systems, a provider of mobile-based card services, and payments provider Elan Financial Services have made enhancements to the My Mobile Money app to offer two-way fraud alerts for Elan-processed debit cards.
Using real-time alerts via My Mobile Money, financial institutions can now communicate directly with their debit cardholders to confirm transactions, reducing the risk of declined payments for fear of fraudulent activity, or false positive card blocks, according to a press release.
It also can reduce the need for cardholders to call their financial institutions to report fraud, which can save them time.
“Our financial institution clients are always looking for new ways to provide their debit cardholders with fraud prevention options,” Troy Cullen, president of Elan Financial Services, said in the release. “By working with Ondot to provide a mobile fraud alert service, we are empowering consumers to keep an eye on their card activity, whether they are shopping at their local grocery store or reviewing their transactions.”