Iliad’s Snapcount Targets Overseas ATM Fraud

Iliad Solutions Limited announced today that they are in discussions with 4 major UK banks to target the increasing prevalence of overseas ATM fraud with their SnapCount platform, a patented fraud prevention software suite.

Statistics from an APACS survey (January 06 – June 06) showed that foreign fraud has increased by 16% and ATM fraud by 37% over this period.

Anthony Walton, Managing Director Iliad Solutions said, “The implementation of Chip & PIN technologies has virtually eliminated fraud on the High street where the cardholder is present.

“However, this has predictably moved the fraud elsewhere where controls are not as tight such as foreign counties where ATM transactions still rely on the magnetic stripe. If you have compromised a PIN it is all too easy to clone a card for use in countries such as the USA where ATMs do not support Chips.”

Continued Walton, “That all of my credit and debit cards are liable for all transactions in countries that I am very unlikely to visit just does not make sense”.

“SnapCount allows me, the cardholder, to set up rules, these simply tell my bank how I wish to use my card. For example, I may wish to block all foreign ATM cash withdrawals on my credit card unless I have told the bank otherwise when travelling. I can do this via the telephone, via my Internet banking application and from my mobile phone”.

SnapCount also allows the cardholder or issuer to set up rules to cover other transactions where cardholders are concerned about potential fraud such as the internet or mail order. SnapCount need not decline the transaction, but can be configured to alert the customer of the transaction via a secure mobile phone notification.

For institutions, SnapCount can also operate at a product level allowing issuers to implement immediate rule changes across complete card groups to respond almost instantly to changing circumstances in the fight against fraudsters.

SnapCount is targeted at all card products including Debit, Credit, Corporate, Top-up, Stored Value and Prepay.