Intended Audience : VISA credit card user,
Target industry : Bank
Domain : Bank (Mainframe/MQ)
Systems has two main functions :
1) Provide online instant Statment to users,
2) Prevent the fraud credit cadr transaction, user will get extra layer of instant security.
In today’s world net banking is providing a better and faster way to carry out business. In the real world, everyone is looking for fast and secure business, which in these days is provided by e-banking or the Net-Banking facility. Banks enjoy the profits of providing the option of online banking because they are saving operational costs, but net banking is not very much secure. Market researches have recognized that most of the bank frauds have occurred in online banking. Every Financial and Banking sector is trying to create a secure business platform. This process provides the solution for debit or credit card fraud and net banking fraud.
Banks and Customers are losing huge sum of money because of the fraud transactions. Hackers obtain personal data for making the fraud. Fraud increases the customer dissatisfaction and ultimately bank losses business.
Minimize the Bank’s revenue losses. - The UK Payments Administration (formerly APACS) report that online banking fraud reached £52.5m in 2008. That is double the £22.6m online banking fraud recorded in 2007.
UK has seen an 8,000% increase in fake internet banking scams in the past two years, the government's financial watchdog has warned. - Source - The Financial Services Authority (FSA) Service UK.
As per survey every year Banks losses approx 23% revenue from there profit, due to online fraud.
Feasibility - It can be implemented on current systems; no other setups will be required.
Security – Bank only provide the warning or Confirmation information to SMS provider which will not contain any confidential data of the client. Example of SMS – Transaction completed successful or Attempt for online banking., so 3rd party SMS service provide will not receive or transmit any confidential data.
This system provides extra layers of security to net banking users and extra fast service to user.
Instant Confirmation of the net banking transactions to Customers via SMS. which Minimize the online Banking fraud & secure the net banking.
Provide Online staement to customer.
Innovative user experience :
Credit card user
users can check online statmenty instantly
user recives instant Confirmation of Transactions
Increase the Customer satisfactions
Increase the Customer trust
Increase the Customer confidences
Secure about his money transactions
Get extra layer of security on his deposits.
Banks Benefits :
Build Customers Trust
Minimize the number of Fraudulent complains.
Prevent loss of Money.
Provide extra layer of Security to Customers
Once customer has satisfied then business will grow & go efficiently.
Once customer has trust, business will be increased by 25 times, (it based on the theory of 5 people by 5 people).
Once customer gained confidence then others classified scope of work will be executed.
Better solutions for Banking and Financial sectors.
After implementaion of the systems two main funtions will work:
1) Online statement can be chacked by Credit card users :
If user waants to check his online transaction statement then he will login through net banking and Passed crdit card number, after varification of credit card number from the Bank, Bank will write the request message to Message Broker via MQ and wait to recive the user's transaction data from Vision Plus
Vision Plus process the data and send back to Bank via message broker and MQ. By the above process uaser will get the transaction staement immidiatly.
2) Instant Confirmation of Transactions which prevent the fraud transactions :
Business model : BANK + MQ + Vision Plus (Credit card holder)
Innovative user will be Visa Credit card user
Experience of Credit card user : When online Banking will initiate (for debit card, credit card or Net Banking), then for each successful or failure transactions account holder will receive notification SMS. When Transaction became successful after one or more try & it has crossed specified limit then customer will receive the confirmations alert on his by sms with uniq.id once customer will bank the confirmation to bank via sms then transaction will be processed otherwise it will be declined.
It will prevent the fraudulent and trigger a SMS on account holder mobile number.
Net Banking customer will get different option for instant SMS confirmation.
Customers have options for only current transactions confirmations or for every transactions confirmations through SMS For each confirmation of transactions customer cell number will be saved with personal data. For every hit of customers account , customer will receive SMS on his mobile with unique id for confirmation of transaction.
After lots of checks customer will receives the SMS for failure or sucess of transactions.
This checks provide extra layer of Security on the systems.
And so on Continue to Prevent Fraud Transactions and Provide Instant Confirmation of Transactions