CR2’s CardWorld FraudTRAP helps National Société Générale (Egypt) to protect customers against card fraud
CR2's CardWorld FraudTRAP has gone live at National Société Générale Bank (NSGB- Egypt) helping to protect the bank's customers from debit card fraud. The system has so far proved to be an invaluable tool in addressing card fraud; having been running successfully since nine months. (NSGB says)
The problem of card fraud is a continuing challenge for banks worldwide
Martin Dolan, CEO, CR2 comments; "The manner, speed and sophistication of how fraud occurs are constantly evolving. Fraud cost banks a lot of money, not only in fraud prevention and investigation costs. It is also estimated that 30% of customers affected by fraud will close their account with the bank involved, irrespective of who is at fault."
"CardWorld FraudTRAP is a powerful tool card issuers can use to help counter the losses and reputational damage associated with fraud in issued cards. CardWorld FraudTRAP is designed to be used in a real-time interactive manner to adapt to the ever changing nature of card fraud. Importantly, it allows card issuers to safeguard confidence in their card payment system."
CR2's recent success can be attributed to the proven results of multi-channel platform, BankWorld, in directly reducing banks costs, improving operational efficiency and increasing profitability in over one hundred banks in more than seventy countries across the world.
CR2 heavily invests in R&D in fraud prevention to enable banks to keep their customers finances safe and keep them in control throughout all the payment chain. If customers are not alerted and if they do not authorise it, they can rest assured that there are no transactions happening on their account.
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About NSGB Egypt
National Société Générale Bank, one of the largest private banks operating in Egypt, was established in 1978 by SG group (one of the largest financial services groups in the Eurozone). NSGB vision is to keep close to its clients through offering a wide range of products serving almost every financial need for Corporates, medium and small enterprises or individuals with a balanced focus on both Corporate & Retail Banking. Through selective development of its core activities, today NSGB has 150 branches covering 26 governorates, 300 ATM and more than 4,000 banking professionals.