Know Which Cards Are At Risk, When They're At Risk
Too many financial institutions currently rely on VISA CAMS alerts to combat fraud due to merchant compromise. But it often takes weeks to determine which cards are at risk. TrueCards® is the only package that allows institutions to determine the true point of compromise and block the cards at risk almost immediately.
It's simple. When a portfolio is attacked prior to VISA's knowledge, hundreds of thousands of dollars could be lost before VISA provides a list of cards through the CAMS Alert. TrueCards® enables you to take control of your card portfolio by enabling you to determine a common point of compromise and determine precisely which cards are at risk almost immediately. You simply block the cards at risk and save untold thousands of dollars you could have lost waiting on a CAMS Alert.
TrueCards® in actionTrueCards® is the only package that allows financial institutions to independently identify and stop fraud proactively within their own plastic card portfolios.
In December of 2009, Allegacy FCU used TrueCards® to stop a regional skimming case before the common point of compromise was known to the industry.
The case started with regional financial institutions and Visa trying to locate a suspected common point of compromise and Visa was asking about any confirmed information on a common point of compromise in central North Carolina.
"The same day Allegacy had three customers calling in to report unauthorized withdraws from their account." stated Dean Adams, VP of Fraud Services . "The three cards were put into the TrueCards® system and the point of compromise was instantly revealed to Allegacy. Once the point of compromise was identified, a reverse lookup was done identifying 23 more potential victims. The 23 cards were blocked and reissued and the fraud stopped immediately saving Allegacy thousands of dollars."
Multiple financial institutions were getting hit with fraud and the TrueCards system quickly identified the particular gas pumps that had skimming devices on them" added Dean. In addition, "TrueCards identified the exact ATM in West Virginia the suspect used their counterfeit cards to withdraw cash from the victims accounts." Dean added that not only did it provide the point of compromise, it also gave an investigative lead that can be used in the apprehension and prosecution of the suspects.
With TrueCards®, Allegacy Federal Credit Union identified the industry-sought point of compromise before any 3rd party or CAMS alerts.
TrueCards® provides these advantages
- Enables a single institution to independently manage their card portfolio
- Identifies the common point of compromise within the portfolio
- Delivers a custom preemptive 'stop, block, and reissue' report
- Offers a real-time solution rather than a strategy that relies on late information
- Utilizes historic and current plastic card transactions regardless of processor
- Provides a holistic view of a multi-card vendor portfolio