When it comes to preventing card fraud, you want to use every tool in the toolbox. Waiting for alerts from payment networks about compromised cards and data breaches could result in costly delays and negative member service.
The existing Fraud Warning product has had some updates, including a name change to Cyber Fraud Warning. This valuable fraud tool is designed to help your credit union be an early identifier of potentially compromised cards, allowing you to proactively execute your chosen method for reducing fraud.
Cyber Fraud Warning is offered in addition to CardTracker and it is a separate fraud tool that can operate independently of Risk Advisor.
Previously, credit unions relied on alerts provided by the payment networks to indicate compromised card activity. Cyber Fraud Warning provides earlier breach detection based on confirmed fraud data, notifying your credit union of breaches up to 90 days earlier. This provides more valuable time to proactively protect your members.
How It Works
Cyber Fraud Warning integrates with CardTracker and provides a daily alert of compromise potential based on card records pinpointed during the analytics process. A Cyber Fraud Warning severity value is applied in CardTracker to notate fraud potential at the card level, allowing your credit union to easily identify cards flagged for potential fraud and respond proactively to minimize cardholder disruption.
- Targeted Fraud Detection: Cyber Fraud Warning uses machine learning to identify higher volumes of fraud earlier. This is in addition to identifying local and regional occurrences not typically investigated by the payment networks.
- Dark Web Monitoring: Cyber Fraud Warning takes the extra step of scanning the dark web for stolen card data. When compromised cards are discovered, Cyber Fraud Warning can identify those most likely to be impacted by fraud.
- Stronger Loss Mitigation: Whether reviewing an individual card or monitoring your complete portfolio, Cyber Fraud Warning helps improve risk mitigation strategies and reduce costs. Machine learning breach detection combined with dark web scanning and the ability to scan in conjunction with other Card Risk Office ensures your monitoring efforts are robust and effective.
- Streamlined Reissue Strategy: Member satisfaction is a top priority for your credit union. By ensuring you can make prompt decisions based on actionable data, your credit union can avoid unnecessary mass card reissues and reduce these and other fraud-related expenses.
Will this replace CardTracker?
No! Cyber Fraud Warning is an integrated component of the CardTracker product. CardTracker is the vehicle utilized to provide alerts related to Cyber Fraud Warning.
Will Cyber Fraud Warning work with EnFact?
The severity values will be included in EnFact in order for your Risk Analyst to access all the relevant information needed to supplement a best-in-class risk solution for your cardholders.
How are networks currently identifying potential compromise points? What is meant by ‘smaller compromise points’ that Cyber Fraud Warning is going to detect?
Networks often rely on self-reporting from issuers and are often more cautious in what they share due to network policies. Based on additional access to data, there is further ability to detect and measure strength and velocity of merchant breaches. Machine learning combines evidence and velocity into a simple prediction of probability.
Why do we have new severity values? What are the severity levels for CardTracker?
Additional severity levels differentiate Cyber Fraud Warning alerts, allowing your credit union to implement new strategies associated with these alerts. Cyber Fraud Warning values are:
- Level A – Cards have a high risk of becoming fraudulent
- Recommended action: Reissue
- Level B – Cards have a medium risk of becoming fraudulent
- Recommended actions: Reissue for aggressive strategies. Blocking, monitoring or selective reissue for less aggressive fraud strategies
- Level C – Cards have a low risk of becoming fraudulent
- Recommended actions: Blocking, monitoring or selective reissue
Please download the product sheet. For additional information about Cyber Fraud Warning, contact your Account Relationship Manager.