Real Time Fraud Data Accelerates Prevention Strategies for Community FIs
(Des Moines, Iowa – July 20, 2011) – Armed with new tools, The Members Group (TMG) and their financial institutions clients are now able to obtain a clearer and faster picture of their overall fraud loss position. Powered by First Data’s SpendTrend® Insights Fraud Analysis Solution, the tool uses near real-time data to better inform TMG fraud specialists, who are charged with quickly advising financial institutions on the best prevention strategies.
First Data’s SpendTrend® Insights Fraud Analysis Solution allows TMG credit and debit card-issuing clients to get an inside look at their portfolios and to compare them with First Data’s consortium of data. This allows credit unions and community banks to understand if they have higher-than-average incidents of fraud in a particular geographical region or within a particular type of merchant code. The information, which is accessible by TMG staff as well as by TMG clients, is detailed in a graphical format that is easy to decipher and simple to navigate.
The solution also provides an ad-hoc functionality, which enables TMG fraud specialists to examine all credit and debit transactions in near real-time. In addition, the specialists can use the tool to model new fraud prevention strategies to see the potential impact of a change. The results of those modeled strategies are available instantly, which allows TMG to make faster recommendations to its credit union and community bank clients.
“When a credit or debit account becomes vulnerable to a fraudster, the first few hours are critical to minimizing losses for the issuing financial institution,” said Karen Postma, TMG cards risk senior manager. “The predictive analytics of First Data’s SpendTrend® Insights Fraud Analysis Solution speeds up the decision-making process, which is absolutely key in preventing further costly attacks.”
TMG is a wholly-owned subsidiary of the Affiliates Management Company, which is owned by Iowa credit unions and their members. As a financial and credit union service organization (CUSO), TMG is dedicated to providing innovative and flexible card processing and payment solutions to credit unions and financial institutions across North America. TMG’s core products include credit, debit, ATM and a variety of ATIRA-branded prepaid solutions, as well as online reporting, ACH and ALM services. For more information, visit www.TheMembersGroup.com.