FactorTrust Announces BuyProtect Service to Protects Consumers from Credit Card Fraud
Tuesday, 26 September 2006
FactorTrust, provider of proactive fraud management services for merchants and consumers, has announced the availability of BuyProtect, a unique text messaging fraud management service. BuyProtect delivers an additional level of protection against today's growing credit card fraud to enrolled online shoppers and credit card holders every time their credit card is used online with any of BuyProtect's certified merchants.
By proactively sending text alerts of pending online purchases to the consumer's mobile phone, FactorTrust says BuyProtect is the only fraud prevention service on the market that allows the consumer to proactively monitor online use of their credit card before the charge is processed, all from the screen of their cell phone.
According to a recent independent study of consumers by the Vantedge Group, 94 percent of online shoppers were concerned about protecting personal information and preventing credit card fraud when shopping online. In addition, 86 percent carry their mobile phones with them at all times making this the communication vehicle of choice for many consumers.
By utilizing mobile phones for purchase verification as opposed to using a home phone or email, BuyProtect is able to instantly notify the credit card holder of a pending online purchase to their registered credit card.
Regardless of whether the card holder is at home or away, checking email or not, these "always on" consumers can easily access mobile messaging. Upon receipt of the mobile text message alert, the credit card holder can immediately accept or decline the purchase and stop fraud before it happens.
"Consumers want to be better protected from credit card fraud, and BuyProtect literally puts the power in the consumer's hands, by using the one device that people keep with them at all times - their mobile phone," said Greg Rable, CEO of FactorTrust. "By alerting consumers before their credit card is charged, BuyProtect gives consumers greater confidence and security when shopping online."
To enroll, consumers simply register their mobile number and credit cards with BuyProtect and are immediately protected at all certified online merchants in the BuyProtect network. The service is free with the agreement to receive up to 4 mobile marketing messages per month for special discounts and e-coupons from certified BuyProtect merchants. Alternatively, BuyProtect is available without mobile marketing messages for a nominal monthly fee. For more information about BuyProtect or to enroll in the service, please visit www.buyprotect.com.