|
Potential £78,000 Savings for SMS Clients
Secure Mail Services’ Secure Outsort System (SOS) is a highly effective
method of reducing Account Takeover (ATO) and Application (APP) fraud
for the whole of the card issuing sector.
Fraud Forum members regularly provide SMS with address details of properties
with histories of ATO and APP fraud. The SMS Fraud Prevention and Control
Department enters this information into its SOS database. The address
details of every letter subsequently processed by the SMS Olympus machines
are compared with the SOS database and, if an address matches, the letter
is ejected from the process and quarantined until it can be dealt with.
Fraud Prevention and Control staff then contact the card issuers to advise
them that a letter has been intercepted going to a known fraud address
and to ask for instructions. This gives issuers the opportunity to double
check their own systems and prevent cards going out if they assess the
risk of fraud to be too high.
Since January 2006 SOS has identified 560 letters going to high risk
addresses and we have destroyed or returned 104 of them. At an average
fraud loss of £750 per letter SOS has potentially saved clients
£78,000 or nearly £160,000 per year.
If you want to share in the benefits of the Secure Outsort System by
joining the Fraud Forum please speak with your Account Manager.
|
