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Cards Corner: Corporate One announces new fraud prevention tool – DefenseEdge

Lower false positives, speeds up prevention

By: Amy MacMullen, Director of Card Services

Amy MacmullenJuly 28,2014 -- Our risk management solutions are second to none. Corporate One leverages neural network technology to examine each real time, incoming authorization for potential fraudulent activity and to determine the likelihood of fraud. We are pleased to announce a new fraud detection tool called the DefenseEdge that will soon be available to our members via our partnership with PSCU. This solution will indentify suspicious activity for all of our members debit and credit card portfolios.

The 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.

Our cards partner, PSCU, solid commitment to risk management has resulted in the lowest fraud-to-sales ratio for payment cards in the entire financial services industry–$0.06 per $100 in sales which is far lower than the overall industry average of $0.13.  Corporate One works collaboratively with our credit unions in a hands-on partnership to continuously refine fraud detection and authorization strategies.   

Call me today to learn more.

Amy MacMullen, Director of Card Services
amacmullen@corporateone.coop
866/MyCorp1 ext. 9339

 

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