Less than 60 days after its launch, the Shazam Network mobile app is live at more than 200 of the network's participating FIs. The app allows debit cardholders to use a smartphone or tablet to check balances, set parameters for email alerts, and eventually, initiate person-to-person transfers.
"Mobile strategies are critical to providing the value financial institution customers demand," said Dan Kramer, senior vice president of marketing and merchant services at Shazam. "Yet mobile products often take many months to become fully integrated and ready for consumer rollout. Our community banks and credit unions are eager to get mobile apps into the hands of their customers as quickly as possible, and that's exactly what we have been able to offer with Shazam Bolt$."
The mobile app is an extension of Shazam fraud-prevention services; it alerts cardholders directly to potentially fraudulent activity on their accounts. Alerts are generated based on suspicious behaviors:
- purchases exceeding the amount specified by the cardholder;
- card-not-present transactions;
- suspicious or high-risk transactions.
Email alerts help halt fraud attempts more quickly and greatly improve the customer service component critical to minimizing fraud losses, Kramer said.
Read more about mobile banking.