Bank Companion Mobile Banking Software


Bank Companion for Medium Sized Banks & Credit Unions

Posted by Bank.Companion Monday, January 18, 2010

Bank Companion Helps Consumers and Business Owners Prevent Losing Entire Savings
Many small to medium size banks and Credit Unions are learning to mitigate risks due to fraudulent activity and identity theft with the help of Bank.Companion by ZSL. One touch alert system stops malicious activity.

January 13, 2010 - Edison, NJ, January 14, 2010 — Quickly identifying unauthorized activity can be the difference between $50, $500, or losing everything in checking and savings accounts. According to a recent Javelin Strategy & Research study, 36 million adults are using mobile banking and by 2014 that number is expected to grow to 99 million. Viruses, spyware, phishing attacks and other Cyber Crimes present numerous threats. The Identity Theft Resource Center reported a 47% increase of data breaches from 2007 to 2008 and has identified over 13 million individual exposed records year to date as of September 30, 2009. “ZSL expertise as a trusted software provider for the international banking and finance community has been deployed with convenient, secure, online banking access available for the wireless world of mobile handheld devices,” said Sudarshan Venkatraman, Chairman and CEO of ZSL. Bank.Companion by ZSL provides access to account activity, balance, and transaction history on mobile handheld devices like the Blackberry®. ZSL’s Bank.Companion provides an emergency one touch Call Me Back alert system to augment secure multi-step transaction verification and validation technology.

The one touch Call Me Back system enables immediately alerts the bank of potential fraudulent activity and mitigates exposure to loss. If a consumer notifies the bank within two days, Federal regulations restrict the consumer’s liability to a maximum of $50. From two to sixty days, the consumer may be charged up to $500, but after sixty days, the consumer faces the risk of losing all of his or her money.“A consumer could lose all the money in his or her account, plus the maximum overdraft line of credit, if the bank is not notified of the problem or potential fraud in a timely manner. The key to minimizing this risk is to notify the bank within the shortest time possible,” said Eric Nelson, president of Secure Privacy Solutions.Eric Nelson is a Certified Information Privacy Professional (CIPP). Eric developed privacy and information security curriculum currently used by the University of Illinois. Eric has participated in a number of state and federal legislation advisory roles and contributed to federal identity theft legislation. Eric is a member of the International Association of Privacy Professionals (IAPP), the Institute of Fraud Risk Management, the National Human Resources Association and the Association of Contingency Planners.“Proactively monitoring bank account activity and notifying the financial institution of potential fraud is one of the several steps to protect identity and reduce risk of associated financial loss,” said Eric Nelson. The Bank.Companion alert system is instant notification to the bank and credit Unions, unfettered by automated phone menus, answering machines, or restricted hours of operation. The Bank.Companion alert is instantly logged by date and time of first contact, even as the bank investigates the potential threat of risk.• Three Convenient Modes of Delivery - SMS, Browser based, and Downloadable Application• Multi Level Authentication • Two Way Messaging Capability which aids in Fraud Mitigation• Session Timeout• Instant Device lockout by Customer Representative in cases of loss or theft• Real time alerts to customers on events like Low Balance, Check Cleared etc.• Easy Customer Enrollment which can be done over phone, directly through their mobile phone or through online banking interface.

About ZSL - ZSL is a global technology integrator and solution provider based in Edison, NJ. With more than 2000 employees worldwide focused in developing and delivering enterprise IT solutions and services using the emerging technology platforms, ZSL inc keeps the Total Cost of Ownership low and Return on Investment high. ZSL Inc was recognized and listed in CRN Fast Growth 100 for the year 2009 and ranked 244th among North America's Top 500 Technology Integrators in VARBusiness 500 list and also received the “Top Technology Practices” Award for Excellence in “Greenware Computing”. It has over 1800 engineers working globally.Visit www.Bank-Companion.com or ask your local bank to find out more about the secure Bank Companion. Contact us at mbanking@zslinc.com

8 comments

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  5. Personally i think the banks lost the plot in the early 90’s and never really recovered. This latest crisis will probably be a good thing and get them back on track.

     
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