Reduce risk, build trust
Around 98% of SMS messages are opened – the vast majority within seconds. SMS messaging is the fastest and most efficient way to contact customers about suspicious account activity.
Empathy at scale
Deliver fraud verification empathetically and at scale – no matter where your customer is in the world. Improve CX, cut costs, and free up agents from making time-consuming fraud calls.
Build trust, avoid disruption
If a suspicious transaction turns out to be innocent, a reply text from a customer can be all you need to unlock their account – minimizing inconvenience and building trust in your processes.
The right SMS API lets you simply integrate messaging into your fraud alert process, customize the type and frequency of alerts, and handle responses using two-way SMS.
Fast delivery alerts
When your system spots suspicious account activity, an SMS message is automatically sent to a customer. They can reply to confirm the activity is nothing to worry about (in which case you can free up their account) or they can confirm the activity is suspicious.
If the customer doesn’t respond to an SMS fraud alert within a defined period, a customer care call can be triggered. But mobile messages enjoy a 90% response rate within three minutes – so you can bank on the vast majority of interactions staying automated.
Victims of bank fraud are reportedly three times more likely to transfer their accounts to a different institution within half a year – so mitigating risk and inconvenience is crucial.
Thanks to SMS fraud alerts, financial brands tend to be able to resolve issues in half the time – reducing the number of fraudulent transactions per compromise and slashing net losses.
A financial institution that worked with an OpenMarket client saw a 35% reduction in overall fraud losses using the texting service.
Customer satisfaction rates soar following the change to SMS – with net promoter scores commonly rising by 20%.
You need to be certain customers receive SMS alerts within seconds, in the right place, and the right time zone. Ensure your SMS provider has a trusted carrier network, knows local markets across the world, and is able to navigate carrier rules and regulations.
Ensure security and compliance
Your mobile messaging service should be secure and comply with industry and national data-security rules. Your provider should have designed its platforms with these safeguards in mind.
Beware of low prices
Providers with per-message prices for alerts that are too good to be true probably rely on grey routes to transport traffic. This would leave your alerts liable to delay, loss and interception.
How we can help
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