SOURCE: ClairMail, Inc.
February 17, 2011 08:00 ET
ClairMail Launches Mobile Fraud Management Solution for Financial Institutions and Consumers
Real-Time Customizable Fraud Product Leverages All Capabilities of the Mobile Device, Proves Value of Mobile Channel to FIs and Consumers
SAN RAFAEL, CA--(Marketwire - February 17, 2011) - ClairMail, Inc., the leader in mobile banking and payments solutions, today announced a new mobile fraud management solution for Financial Institutions (FIs) and their customers to oversee and quickly respond to fraudulent transactions directly through the mobile channel. ClairMail's Fraud Solution works with existing FI fraud systems and processes to help mitigate card, Direct Deposit Account (DDA), online banking and identity fraud by leveraging all the capabilities of the ubiquitous mobile device and the robust alerting and orchestration capabilities of the ClairMail platform.
ClairMail's Fraud Solution is the first release of a family of business-level solutions that demonstrate how the mobile channel can power new mobile capabilities, products and packages across the entire enterprise while bolstering the value and return on investment the mobile channel brings to the institution. Mobile banking has largely been viewed as an extension of online banking, but by implementing a solution that is scalable across bank functions and products, like ClairMail's Fraud Solution, FIs can drive new fee-based services, reduce servicing and risk management costs, enhance customer loyalty and acquisition and increase mobile banking adoption.
"While more consumers are adopting mobile banking, the full value of the mobile channel has yet to be realized. Consumers and FIs will gain the most benefit when they can leverage the unique features of the mobile device," said Pete Daffern, CEO of ClairMail. "Enabling consumers to monitor, respond and resolve fraudulent transactions on their mobile device not only deepens the relational trust between that customer and their bank, it reduces costs for everyone by reducing false positives and minimizing the cost and time of fraud resolution. ClairMail's Fraud Solution demonstrates our continual commitment to leverage the unique attributes of the mobile channel to help financial institutions strategically grow their mobile initiative to meet customer demand and achieve profitability."
Recent studies have shown that a huge percentage of fraud loss to both consumers and the bank happen in a relatively short time window following an intrusion. While ClairMail's Fraud Solution complements existing fraud systems, it takes fraud prevention further by enabling FIs to generate and deliver real-time, consumer-defined alerts that allow customers to monitor account spending and identify fraudulent transactions more quickly. In addition, ClairMail's Fraud Solution extends existing fraud detection and mitigation processes by using timely two-way alerts and workflow orchestration to verify potentially fraudulent transactions, more quickly detect false positives and bring to resolution any potential fraud incident -- all from the mobile device. ClairMail's reporting capabilities also provide pertinent information as to which alerts are being responded to and which are not, furthering the customizability, relevance and cost-effectiveness for the FI.
ClairMail's Fraud Solution, leveraging the powerful alert and orchestration engines of its distinct, industry-leading mobile platform, delivers the following unique benefits to banks:
- Lowers fraud risk and associated costs for both the bank and consumer through early detection of fraudulent activity using ClairMail's alerting engine that delivers timely, actionable consumer or FI-driven alerts enabling consumers to instantly identify suspect transactions, respond, and resolve potential fraud incidents right from the mobile device. Alert escalation and workflow capabilities ensure that user commands on the mobile device and required communication with the institution's back-end systems are coordinated as part of a single set of detection and resolutions processes.
- Reduces reputational risk and improves customer loyalty and acquisition by becoming a trusted partner with the consumer in the war against fraud and offering safer and more feature-rich card and bank services.
- Create product differentiation and new revenue opportunities by introducing new fee-based products, services and offers driven by consumer alert preferences.
"The mobile channel has become an essential tool for financial institutions to combat increasing fraud rates seen across the United States and Europe, providing the ability for customers to proactively detect and prevent fraud activity on their accounts," said Julie McNelley, senior analyst at Aite Group's Retail Banking practice. "ClairMail's new mobile fraud solution demonstrates the growing importance for FIs to take a strategic approach to mobile banking -- extending mobile capabilities across the organization to create new fee-based services and products, help increase profitability, mitigate fraud losses and enhance the trust and relationship between the FI and its customers."
With over one third of the top 50 North American banks as customers, ClairMail is the leading provider of mobile solutions for banking, payment and card services. ClairMail provides a technology platform designed to help financial institutions realize the strategic potential of mobile banking, driving new levels of customer trust and loyalty, facilitating cross-sell opportunities and enabling near term, measurable cost savings. Financial institutions of all sizes now have an opportunity to reach 100% of their customer base and deliver personalized content through mobile applications, mobile web, text banking and unique, two-way alerting capabilities, all via a single solution. ClairMail's platform also offers multi-channel enrollment options to maximize mobile adoption and ROI, regardless of mobile device, carrier or back-end financial system. Founded in 2004, ClairMail is headquartered in San Rafael, Calif. For more information call (415) 526-7000 or visit www.clairmail.com.