FSS Toggle set to create a virtual sphere of protection

CHENNAI: Protego Maxima! Fianto Duri! Repello Inimicum! You won’t need these spells if you had FSS Toggle. Just like protective orbs kept Harry Potter safe from the Death Eaters, the FSS Toggle can create a virtual sphere of protection within certain geographical limits (range 25 km-1,000 km) set by customers. With the onslaught of international hackers, the creators of FSS Toggle feel its potential worldwide is immense.
The advent of automation has increased the risks of banking frauds, hacking, phishing emails.With mobile banking app-compatible FSS Toggle, Financial Software & Systems Pvt Ltd (FSS) now says customers block or unblock their accounts real time. The product, which has already seen interest from Canadian and Indian banking majors, can cap spending limit on cards and restrict number of transactions.
Losing one's debit card or credit card has become an all-too common occurrence.
“When one loses a debit card, we usually contact the bank to block it. Many a time we wouldn’t know the card number offhand. And even if we did very few banks implement real-time blocking of cards,” says Suresh Rajagopalan, president, software products, FSS.

“There is usually a 7-8 hour wait during which the customer's anxiety levels would have peaked. Now customers will have the option of blocking and unblocking their pre-paid, debit and credit card at will. It will be as easy as switching on or switching off the FM station on your mobile and faster as our systems work in a matter of seconds,” he says, adding that any number of pre-paid, debit and credit cards can be linked to the app. Another area of concern for FSS Toggle is overseas transactions and fraudulent use of credit cards. “You can turn off the overseas transaction option as long as you are in the country. Then the card can only perform domestic transactions. The toggle also works in reverse — if you are travelling abroad, you can set limits,” says Rajagopalan.
One of the unique features of FSS Toggle is that it can bring the features of a pre-paid card to a debit or credit card.
“If you wanted your car driver to fill up petrol for you — one option is for you to load 1,500 or 2,000 onto a pre-paid card - so that he spends only the amount loaded and not more. With FSS Toggle however, you can have the same level of control even for debit or credit cards.
Just like you increase or decrease the ringtone volume on your phone, you can now increase or decrease the spending limit or any of your cards,” he says . Other points of control with the tool are number of transactions and merchant category.
“Say you’ve given your card to your daughter to pay her college fees. You can restrict the number of transactions on the card to one and you can also restrict the merchant category. So that means your daughter can only withdraw that once at an ATM or make a swipe once at her college counter. The same card can’t be used at the mall or a cinema complex as you’ve restricted the card's merchant category,” he says, adding that the number of permutations and combinations with their tool continues to fascinate even the team at FSS.

The most unique feature of FSS Toggle of course its geo-location cut-off.
“The geosensing option on toggle is mind-boggling in terms of the amount of networking we've had to do. If you set the limit that only within a 25 km radius this card should be used, then we will have to disable every ATM, every PoS machine, every single financial gateway outside of your protected zone. An immense amount of work has gone into our geosensing enabler for financial transactions,” says Rajagopalan, who is confident the FSS product can't be easily copied as it is requires the networking edge that FSS as a company has.