ReD Fraud Protection added to Travelex Cash Passport
Travelex, the global foreign exchange specialist, has chosen to partner with Retail Decisions (ReD), a card issuer and a world leader in card fraud prevention and payment processing, for the provision of fraud prevention services for its ever-popular Cash Passport product, with the Travelex Cash Passport a prepaid travel card that stores foreign exchange.
Two versions of the card exist in Australia:-
ATM only use, for the ability to withdraw local currency at more than one million Visa ATMs; or
The debit card version that offers ATM usage and direct payment to millions of merchants worldwide.
Travelex Cash Passport is available in Australia from Travelex shops at all major airports, more than 3,200 Australia Post outlets, Adelaide Bank and many more retailers.
There are now more than 600,000 Australian Cash Passports in circulation and since April 2007, Australia Post has sold more than 11,000 Cash Passports and According to Travelex, total Cash Passport transactions in Australia are now worth in excess of $16 million.
Carl Clump, CEO, Retail Decisions, said, “We’re delighted that Travelex has chosen ReD PRISM to monitor card usage patterns and detect and reduce fraud on the Cash Passport.”
“On any given day ReD PRISM scores 35 to 50 million transactions for the largest card issuers and payment processors in the world, and alerts clients if a card is in breach of its established use.”
Peter Jackson, Head of Fraud & Risk Management, Travelex, said, “The Cash Passport product is really taking off with consumers so it was the right time to strengthen our fraud prevention.”
“In the last 12 months, Travelex has issued thousands of Cash Passports around the world with 50% growth in Australia.” “After a thorough procurement process, we choose ReD PRISM, a fully hosted service that offers the internationally focused capability we require and an intuitive workflow based approach.”
“The delivery of the overall solution, and ReD’s responsiveness to our requirements, have been outstanding.”
“Travelex is committed to combating the threat of fraud throughout its travel money products and this solution strengthens Cash Passport, whilst reducing internal costs.”
Travelex joins an impressive list of ReD’s blue chip travel related clients that include; Opodo, Thomas Cook, Travelocity, Hotwire and Harvey World Travel.
Report by The Mole
John Alwyn-Jones
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