Amid the constant cries over internet banking frauds, Atom Technologies and Tranwall have come up with a new technology, e-shield, which mitigates risk and empowers customers with real-time transaction control. With the help of this technology, the customers will have the power to Switch their debit and credit cards ‘On’ and ‘OFF’ with the utmost convenience. Yes, you read it right! As hard as it may sound to believe, with the help of this new technology the consumers will be able to switch transactions ‘ON’ and ‘OFF’ against the payment cards originating from any channel such as, internet (e-commerce), ATM, POS terminals or foreign transactions amongst others.
This will be possible with the help of a Smartphone app or by using artificial Intelligence enabled Bot services activated over both voice and chat. The technology will also allow the users to set their cards/net banking as to which particular transaction should or should not be allowed in real-time. This means that the consumers will be in total control of who or what can access their funds.
Dewang Neralla, Chief Executive Officer, Atom Technologies said that the new fraud prevention tool will not only help empower the customers with the control of their own transactions but will also help the banks to bring down the cost of security and protect their liability. He said that this will be a win-win situation for both banks as well as consumers.
“Tranwall is the pioneer after having successfully implemented this technology across multiple banks in multiple regions, and now applying focus in India with Atom. I believe through Atom’s deep understanding of the Indian market, this product will be an instant hit in India,” Neralla added.
The development comes at a time when India is battling against the internet frauds. The government data reveals that a total of 25,800 fraud cases involving about Rs179 crore pertaining to credit & debit cards and internet banking were reported in India up to December 21, 2017. Security is also one of the main reasons why Indian customers are still reluctant to switch to digital payments.
With the help of e-shield, the customers will also be able to request a status update on cards and accounts, check balances and avail a host of other benefits.
The smartphone users will be able to avail the facility through their bank’s mobile banking app, non-smart phone users can control their transactions via SMS and USSD, therefore all consumers can and should be protected.
Greg Haynes, Tranwalls co-CEO said that they understand the Indian government’s ‘faceless, paperless and cashless’ drive towards digital transactions and their product will provide consumers with the confidence required for non-cash payments.
“Having digital features providing security and convenience, together with mobile banking features driving consumer demand, our transaction control is well suited to assist in the Indian Government’s priority of promoting the adoption and usage of digital payments,” he said.