Q2 rolls out fraud alert system for debit card breaches
Q2 Holdings has announced the launch of its Centrix Dispute Tracking System (CentrixDTS) Fraud Alerts module, an add-on to the case management and Regulation E compliance platform financial institutions use for both fraud and non-fraud transaction disputes.
Financial institutions of all sizes are challenged daily with the increase of fraudulent activity and continually struggle to track and report escalating fraud claims that are associated with specific debit card breaches.
The Fraud Alerts module builds on the existing capability of CentrixDTS and empowers FIs to quickly and accurately measure the financial impact of a card breach and streamline the back office management and labor-intensive processes of managing transaction disputes.
CentrixDTS product manager Tim Kindschuh said: "Far too many institutions are simply unable to quantify the impact of card breaches. It's guesswork at best.
“When combined with the automated tracking capability of CentrixDTS™, the Fraud Alerts module eliminates the uncertainty by offering significantly improved efficiencies in tracking and reporting disputed activity."
By processing the compromised files that credit card companies provide to financial institutions after a data breach, the Fraud Alerts module is able to automatically associate each fraud claim with the corresponding card breach. The online reporting provides transparency into the financial impact of the breach, including high-level summary reporting and detailed statistics.
"In the current landscape of card breaches and fraudulent transactions, this integration helps us identify compromised information much more quickly," said Cheryl Brown
, vice president of operations and program management at the $1.6 bn-asset Gesa Credit Union. “Fraud Alerts will not only allow us to minimize the dollars lost for the credit union, but will save hours of time for members and staff in completing claims."
CentrixDTS is a product of Centrix Solutions, a Q2 company. Centrix's products are designed to empower FIs with products and services to help detect fraud, manage risk and simplify compliance.
Source: Company Press Release