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Cards Corner: Corporate One Cards Solution partner continues to lead the pack in fraud detection

By: Amy MacMullen, Director of Card Services

In the news:
PSCU Saves Owners $100M
in Fraud Losses

Credit Union Times
November 19, 2014

Amy MacmullenDecember 16, 2014 -- For a change, we have some good news regarding fraudulent activity among card holders. Corporate One’s cards partner, PSCU, announced recently that it has saved $100 million on behalf of its more than 800 member-owner credit unions through a decline in fraudulent transactions over the past 12 months. Further, PSCU revealed that through its monitoring program, it has delivered a lower fraud-to-sales loss ratio than that of industry averages. PSCU recorded a fraud-to-sales loss ratio of 6.25 basis points or $0.0625 fraud per $100 in sales over that same 12-month period, which is significantly lower than reported industry averages of between 11 and 14 basis points. If your credit union is a user of Corporate One’s Cards Solution then you are one of the 800-plus credit unions that have benefited from PSCU’s fraud detection tools.

DefenseEdge

Through our partnership with PSCU, Corporate One offers members DefenseEdge, a tool that identifies suspicious activity for members’ debit and credit card portfolios. DefenseEdge prevents fraud by minimizing false positives with powerful rules designed to stop fraud as it happens with real time rules deployment. Credit unions also benefit from shortened time frames for fraud mitigation strategies. Our cards program also monitors VISA CAMS and MasterCard Alerts on behalf of our member credit unions. Local and global points of compromise are closely monitored in an effort to identify fraudulent activity as soon as possible. When fraudulent activity associated with large compromises is present, global fraud mitigation strategies are immediately implemented to minimize the fraud impact. Our solution also offers fraud analytics and reporting that compares the credit unions performance to peers in the industry so you can gauge how your credit union is performing.

To learn more about Corporate One’s DefenseEdge fraud mitigation solution, give me a call to discuss. I can be reached at 866/MyCorp1, ext. 9339. I also encourage you to read the entire PSCU article to learn more.

Amy MacMullen
Director of Card Services
amacmullen@corporateone.coop
614/825-9339

 

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