PFM: BillGuard Deploys Shared Detection Tool
- At 2011 Finovate exhibition, BillGuard presented a new PFM and fraud detection solution.
- BillGuard proposes an alert system scanning the customer’s payment transactions on a monthly basis and ordering them according to their criticality:
- legitimate “normal” withdrawals,
- “unknown”, suspicious, operations,
- fraudulent transactions, instantly reported.
- Customers can mark “OK” the transactions they identify as legitimate. This information is also transmitted to BillGuard’s other customers through the Merchant Transaction Reliability score. This information will be taken into account month-over-month.
- BillGuard is free for one payment card during the test period (it can be implemented to track several debit or credit cards). Financial institutions could bundle this added value service with other charged products.
- This solution grew successful right after its presentation: 10,000 cards had already been added two days later. This suite enables the customers to identify potential fraud attempts and hidden fees as well as other billing errors to care of it.
- Management and fraud detection tools are increasingly popular as customers are now requiring more transparency and trying to get their hand back on the management of their expenses. This common fraud prevention solution appeals to the general public and is based on PFM tools.