Fraud is rampant, and one of the largest banks in North America was looking for ways to proactively address the threat. Each year, the bank was experiencing astronomical fraud losses and spending resources to pacify worried customers who called customer service.
To safeguard revenue and keep its customers happy, the bank looked to Syniverse to help it detect card fraud in real time.
Together, we launched a fraud alert program through Syniverse Enterprise Mobile Messaging. Using the highest-quality connections, we made sure that the bank’s urgent text messages were delivered to customers at lightning speed.
The program gave cardholders the power to identify suspicious transactions in real time. These communications asked users to verify the potential fraud with simple “yes” or “no” response.
The results were impressive. Message delivery happened so fast that cardholders were usually standing at the register when they received the alert. The whole validation process happened in a matter of seconds.
In the first month alone, the bank delivered over 2 million fraud alerts to U.S. cardholders, achieving 80% response rates. False declines and fraudulent transactions dropped—all thanks to messages that each cost a fraction of a penny to send.