MoneyGram International has introduced advanced technologies to better protect its customers and agents from fraud. According to the company, the enhanced technologies, which layer in protection through identification of suspicious transactions, computer and behavioral authentication and anti-phishing capabilities, are already reducing third-party consumer fraud at agent locations and online.
As part of the new measures to combat fraud, MoneyGram has implemented a solution called Global Compliance that identifies suspicious or high-risk transactions based on established criteria. Global Compliance helped prevent more than 1,000 customers from losing funds to fraud during its first 50 days. In addition, MoneyGram reduced internet purchase fraud by 30% during this same period, claimed the company.
The system scans each transaction looking for signs of fraud, and suspicious transactions are put on hold until the company can confirm if a transaction is legitimate or fraudulent. Presently, the tool is monitoring all send transactions from Canada and the US to anywhere in the world.
To further protect consumers, the company has also implemented an RSA Fraud Intelligence Solution, an anti-phishing tool that prevents cyber criminals from compromising agent computers and stealing customer information. The solution provides user and computer authentication technologies to prevent fraud from the point of login through completion of the transaction. RSA’s technology also conducts behavioral monitoring – flagging transactions for review if a customer suddenly changes his/her pattern in making transfers.
Additionally, MoneyGram has also redesigned its money orders to provide more highly visible safeguards against counterfeiting. The redesign incorporates visual and physical features that are easy to see on the front of each money order, not easy to replicate and contains an additional call to action for the recipient of a money order to verify its validity.
Dennis Wildsmith, vice president of transaction services and fraud prevention at MoneyGram, said: “MoneyGram takes fraud very seriously. We have established systems and processes to enhance safe and reliable money transfers, train our agents and employees about fraud, and to educate consumers on ways to safeguard their money. These new technologies are one more step in creating a world-class consumer anti-fraud program.”