Clunes company, Spectrum Message Services has become a finalist in the 2017 Premier’s NSW Export Awards.
Spectrum works out of an office at the Clunes Old School on Walker Street.
Their interactive messaging technology called MoneyGuard is used by banks around the world to assist in preventing fraud and communicate with their customers in real time. It has been recognised in the Digital Technologies category of the awards.
Credit card fraud totalled nearly $22 billion in 2015 and is expected to reach more than $31 billion in 2018, according to Spectrum’s managing director Gerard Vos.
‘In Australia last year, more than three quarters of the $530 million netted by fraudsters was from transactions made using stolen credit card details,’ Mr Vos said.
‘MoneyGuard created a new way to send interactive alerts between the cardholder and the financial institution to prevent fraud,’ he explained.
‘Connected to the bank’s fraud system, it sends a message to the customer to ask them to confirm or deny a transaction. Based on the response it can re-enable the card, allow the transaction to be repeated, or block the card and stop further fraud. It replaces the often-inconvenient process of manual calls’
‘It is used by banks in a range of countries such as Canada, Mexico, Switzerland, Poland and Hungary to let their customers know when there might be a suspicious activity regarding their account, and it asks them to confirm or deny the transaction by response message’ Vos said.
Export Council of Australia CEO Lisa McAuley said the NSW Export Awards being announced next week are about rewarding businesses that have ‘shown a commitment and determination to grow their global business and who seek new innovative ways to compete on the international stage.’
‘To acknowledge and celebrate the success of NSW companies is an important part of encouraging more companies to think global and this year at the awards ceremony we will be celebrating and recognising the great opportunities emerging for NSW companies in Latin America.
‘As Australia enters negotiations over a free trade agreement (FTA) with the Pacific Alliance, an excellent opportunity emerges to place these countries top-of-mind among Australian companies evaluating new market and diversification opportunities.
‘These negotiations come at an opportune moment given numerous positive developments in the Australia-Latin America relationship. We look forward to a great event that recognises our NSW champions and looks at the new growth opportunities for the state this in this important region,’ Ms McAuley said.
The winners will be announced next Wednesday (October 25) at the Star in Pyrmont. Gerard won’t be attending himself as he is currently in South America talking to banks.