Credit and Debit Card Fraud

Overview

Protect credit and debit card transactions from fraud

The card transactions of today are not those of yesteryear. With mobile wallets, contactless payments at POS terminals, online purchasing with card not present (CNP), and tokenization — new channels abound. With these innovations, the face of credit card, debit card, prepaid card, and commercial card fraud has changed — and equally so has the consumers’ mandate for secure, instant, and frictionless payments.

Key considerations to stop card fraud

With card channels and payments evolving, fraudsters have adapted and honed in on the weakest target. In a delicate balancing act, card issuers must simultaneously protect their bottom line as well as their top line, ensuring their legitimate customers are not negatively impacted.

Take advantage of fraud-focused machine learning and AI

Machine learning and artificial intelligence are the most effective methods for interpreting behavior, stopping fraud, and allowing legitimate transactions to go through. But these techniques must be more than academic, they must be built on robust data, tuned to specific fraud schemes, and proven to perform at scale.

Be agile with effective supplementary rules strategy management

While machine learning models are critical to reduce false positives and increase fraud detection rates, you also need the ability to adapt quickly to emerging schemes.

Fight fraud as an industry with consortium data

A single data lens for fraud detection can be myopic. Leverage the power of consortium data, and models that learn from based on confirmed fraud data.

Protect with your customer

While detection of a fraud event is important, being able to interact with your customer directly with two-way communication is very important in resolving a fraud-event in real time.

Uncover points of compromises

Leverage cross-institutional consortium data to pinpoint cards at risk that transacted at a merchant or ATM that was compromised, and proactively tailor strategies for block and re-issue, watch list additions, and more.

Stop account takeover

Phishing attacks trick customers into providing login credentials and passwords that they can use to takeover accounts. Make more contextual decisions by pairing robust authentication capabilities into your fraud decisioning platform.

Meet regulatory standards

PSD2, 3DS2, and Reg E limit increases on payments encompass just some of the regulatory mandates affecting card transactions today. Stay ahead with data flexibility for your fraud detection strategies.