Credit card breaches, skimming devices and phishing emails are all too common in today’s world. A compromised card or account is not only frustrating for the member, but it’s also incredibly costly to credit unions.
The Credit Union National Association (CUNA) estimated that the Home Depot Breach affected 7.2 million credit union credit and debit cardholders and cost those affected credit unions $60 million. Not only do credit unions have to pay for the cost of reissuing new cards, but they also have to deal with re-establishing peace of mind for members and reassuring them that their money is safe.
Fraud detection services are something members are actively seeking when it comes to their finances. They want to know their credit union is being proactive in looking out for them and their money is safe. Member Access Pacific (MAP) offers risk management and fraud protection services specifically designed for credit unions.
MAP’s fraud protection suite of services will offer your credit union members the peace of mind they are looking for as well as save you time and money. Falcon Fraud Manager is a tool offered by MAP that runs 15,000 fraud detection calculations in a matter of milliseconds.
Unlike traditional fraud prevention services, Falcon Fraud Manager captures card users’ habits in real time, significantly increasing the detection of risk and stopping fraud. This service creates an added layer of security for your credit union as well as a seamless customer experience for members.
Along with its rapid detection capabilities, Falcon Fraud Manager also provides credit unions with operational and statistical reports to show the success of your fraud protection program. When you invest in MAP’s Falcon product, you also receive:
- Visa authorization system
- Falcon expert
- Authorization edit checks
- Fraud call center services
Each of these benefits is strategically customized to your credit union’s unique portfolio. MAP’s risk management team will work with you to design an effective fraud prevention program using the latest technology at an affordable cost.
Other components of MAP’s comprehensive risk management and fraud prevention suite include:
- Managed Real-Time Decisioning
- Risk Services Manager
- Advanced Authorization
- Verified by Visa
Now ask yourself, is it worth the risk of waiting for the next major credit card breach to affect your credit union members and your bottom line? Take the first step towards protecting your card portfolio by contacting MAP (email@example.com) and bring the benefits of fraud protection to your credit union.