With banks increasingly focusing on plastic money, the number of card users has increased dramatically over the years and with it, fraudulent transactions. MAXIMUS has launched a new product, “MAXIMUS RAKSHA” under its comprehensive Switching platform MAXIMUS S360. It is a secure mobile application that allows customers to have tight, personal control over their Debit and Credit cards. Using this card control application, customers can take care of usage of multiple cards belonging to a particular bank. The application provides the ability to block or unblock a card and set transaction limits for different channels – ATM, POS and online. The customer can check latest transactions and take a decision on setting the limits as per their requirement. it also displays a record that acts as a mini-statement showing the last five transactions.
The application was launched in Dubai today at The Cards & Payments Middle East 2016 Conference & Exhibition and was received well by the banking and financial services industry. “Recent enhancements have put payment cards in nearly everyone’s wallet. Despite the convenience and popularity of cards, there is a risk of fraud. It is important to protect and have control over the payment cards, just as anyone would have over his cash”, said Venkat Shankar, Managing Director & CEO, MAXIMUS at the launch event.
Explaining the features of the cards, he said, “Statistics prove that a card is active for around a minute in a day, on an average, for most customers. RAKSHA lets users block and unblock cards and also allows them to set limits, depending on the requirement, for specific transaction channels such as ATM, POS & online and the card status is modified immediately, with just a touch of a button on the mobile phone. The total transaction limit can further be broken up into individual limits for the different channels. In case the user does not set specific limits, the default limit set by the bank will apply. In short, MAXIMUS RAKSHA is Security, Maximized!”
Benefits of MAXIMUS RAKSHA
Easy Installation: The customer can download RAKSHA from Android Play Store (for Android smartphones) or from Apple Play Store (for Apple phones). Thereafter, the customer can register himself/herself with customer ID and registered mobile number with the bank. The bank will send OTP to registered mobile number for the customer to login and set his/her own PIN.
Purpose-specific usage: The Card Control application will not allow the customer to do any financial or non-financial transactions. Only blocking/unblocking and setting of limits are permitted.
Monitor card transactions: The customer would get instantaneous alerts of all transactions done on his/her card which will help in better monitoring.
24×7 Control: Manage cards in real-time by simply turning features on and off based on requirement.