To help financial institutions respond to the growing sophistication and speed of debit card fraud attacks, PULSE, one of the nation’s leading debit/ATM networks, has implemented a major upgrade to its DebitProtect Fraud Mitigation Service and introduced an optional fraud blocking service. The enhanced system allows transactions to be blocked in real time, enabling PULSE participants to respond faster to suspected fraud before more fraud is perpetrated on a card, thus reducing losses and decreasing cardholder impact.
Payments fraud is a constant threat and remains a concern for both financial institutions and consumers. The annual Debit Issuer Study, commissioned by PULSE, finds that financial institutions consistently rank debit card fraud among their top two concerns. One out of every five debit cardholders in the U.S. has experienced fraud on their card in the last five years, according to a 2012 study by ACI Payment Systems and Aite Group. The Federal Reserve Board estimated U.S. debit card fraud losses to be $1.38 billion in 2011.
The DebitProtect fraud mitigation system was first launched across the PULSE network in 2007. Since that time, PULSE has continued to refine DebitProtect and invest in state-of-the-art processing technologies. The company also has made strategic investments in personnel to provide custom fraud consulting services to help financial institution participants reduce the risk of fraud losses.PULSE collaborated with Hewlett-Packard (HP) and Retail Decisions (ReD) on the DebitProtect upgrade. PULSE deployed the ReD PRISM ® software solution, implemented on HP NonStop servers. The initiative received the 2012 HP Alliance ONE Partner of the Year Award for Innovation. DebitProtect operates in milliseconds, evaluating transactions in flight, detecting high-risk transactions and alerting card issuers in seconds, often before the cardholder has left the terminal. “This technology leap was necessary because fraud sophistication and speed are increasing, with fraud cycles becoming shorter, more varied and harder to detect,” said George Danforth, PULSE vice president, Emerging Products. “DebitProtect uses unique PULSE data, scoring and analytics to monitor debit transactions at ATMs and the point of sale and adds an additional layer of fraud detection to those provided by processors and in-house systems.”
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV