Understand the essentials of detecting and preventing debit card fraud
Ensure that you stay a step ahead of financial criminals with this friendly guide
Financial service industry staff know all too well how tricky combating debit card fraud can be. Packed with insider knowledge, this handy booklet reveals the increasingly sophisticated methods criminals use to commit debit card fraud, shares expert tips on how financial institutions can protect themselves and their customers through early detection methods, and introduces staff to the leading edge technologies that greatly reduce the risk of being targeted by debit card scammers.
Discover how to:
* Spot debit card fraud schemes
* Quickly uncover common points of compromise
* Improve your fraud detection efforts
* Protect customers from debit card losses
Tabella dei contenuti
Introduction 1
About This Booklet 1
Foolish Assumptions 1
How This Booklet Is Organized 2
Icons Used in This Booklet 3
Part I: Understanding Debit Card Fraud 5
Introducing Debit Cards 5
Becoming Familiar with Debit Card Fraud 8
Learning from international experience 8
Seeing the potential impact for American FIs 9
Part II: Figuring Out Fraudsters’ Approaches 11
Obtaining Your Customers’ Data 11
Outright theft 11
Identity theft 12
Elder abuse 12
Data breach 12
Card skimming 12
Using Your Customers’ Data 14
Card tsunami 14
Card chameleons 15
Flash attacks 15
Part III: Fighting Debit Card Fraud 17
Taking a Layered Approach 17
Educating customers 17
Improving card technology 18
Monitoring transactions 19
Benefitting from Advanced Transaction Monitoring 19
Analyzing behavior 20
Finding common points of compromise 24
Part IV: Ten Tips For Selecting a Monitoring System 27
Take an Enterprise-wide Approach 27
Look for Multi-channel Monitoring 28
Buy Software That Analyzes Customer Behavior 28
Opt for Advanced Transaction Monitoring with CPC Detection 29
Rate Your Risk 29
Find a Flexible Solution 30
Manage Your Cases 30
Automate Your Form Completion Process 31
Kick the Tires on Technology (But Don’t Forget to Look Under the Hood Too!) 31
Keep It Simple 31
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