Mumbai, July 13: Baroda-based IT services provider, Ekkay Magic is in talks with a host of banks to offer its cellular based fraud prevention system for all e-commerce transactions in the country.
The company today launched a service named Courbar that sends alerts to customers on any possible account frauds in real time, Ekkay Magic Head of Business Operations Joyesh Sampat told reporters here.
“Each time a card/account is used to make a purchase, the bank verifies the identity of the holder before approving or disapproving the transaction based on the type of authentication received,” Sampat said.
The company is in talks with private sector banks including Yes Bank and a host of other players from the public sector to offer the service. At present, Ekkay has the capacity to handle 8 crore calls a month, he said.
ATM card related frauds have reported an 80 per cent increase in the past three years while credit card frauds have grown by a massive 500 per cent, according to Ekkay’s study.
Similarly, phishing cases have risen by 180 per cent in 2008 alone, Sampat said.
–Agencies–