Jersey Telecom acquires Spectrum to boost global online payment security

The Australian-based tech company Spectrum Message Services will be acquired by Jersey Telecom (JT Group), a global provider of connectivity and business solutions. The merger will strengthen the combat against online payment fraud, not only in Australia but also on a global scale.

Spectrum specialises in connecting mobile platforms with transactional back-end systems, thus fostering interactive communication between fraud detection platforms and consumers. This improves customer service and increases efficiency for financial institutions, retailers, and payment processors worldwide.

Spectrum's flagship product, MoneyGuard, a mobile alert system, has gained tremendous global recognition. It serves a diverse client base in the US, Canada, Mexico, Europe, South Africa, Australia, and New Zealand. Customers utilising Spectrum's services are involved in transactions for more than 120 million consumers using cards, accounts, and other electronic payment forms.

The JT Group is headquartered in the British Channel Islands, which has globally been acknowledged as an important hub for technological innovation. The region was awarded for having the world's fastest broadband speeds in 2023, holding onto this honour since 2021. Moreover, Jersey was the first jurisdiction globally to deliver full-fibre broadband to every address, demonstrating its dedication to the progression of digital technology.

The addition of MoneyGuard to the JT Group envisions to aid financial institutions in combating fraud. It allows customer communication through various routes such as SMS, mobile apps, email, and voice. The JT Group plans to integrate MoneyGuard seamlessly into its existing portfolio, which will enhance the protection it offers to customers against financial fraud and identity theft.

Daragh McDermott, CEO of JT Group, emphasised the company's dedication to connecting customers and enhancing their experience through innovative solutions. McDermott highlighted the strategic acquisition of MoneyGuard as a significant step in this direction, underscoring JT Group's commitment to leveraging data-driven approaches to combat financial fraud effectively.

Daragh McDermott remarked, "JT Group's vision is to connect our customers, and this strategic acquisition perfectly aligns with our commitment to using data-driven solutions to combat financial fraud. MoneyGuard's innovative features complement our existing Mobile Intelligence portfolio, bolstering our ability to provide effective communication channels in the dynamic world of financial transactions."

Gerard Vos, Managing Director of Spectrum, expressed enthusiasm for the collaboration with JT Group, highlighting the alignment of their shared vision to integrate mobile alert systems with mobile intelligence to combat fraud and enhance the customer experience. Vos said, "This marks an exciting chapter for MoneyGuard. Our shared vision for combining mobile alert systems with mobile intelligence aligns perfectly, and we look forward to contributing to its further growth by adding our expertise to JT Group's initiatives in combating fraud whilst improving the overall customer experience."

With the addition of MoneyGuard to its product portfolio, JT Group cements its position as a frontrunner in Mobile Intelligence. This combination of expertise and solutions signals a stride towards a more secure digital future.