DES MOINES, Iowa (10/28/14)--Payments processor The Members Group (TMG) has introduced a targeted-fraud scoring solution available to its MasterCard-issuing credit unions and community banks.
MasterCard Expert Monitoring provides issuers with cardholder fraud scores in real-time as credit and debit cards are swiped.
"In anticipation of sweeping changes to the U.S. payments system, fraudsters are incorporating more data into their schemes to allow the fraud to blend with true cardholder spend," said Karen Postma, TMG's assistant vice president of fraud operations, in reference to the U.S. migration to EMV chip cards. "We are working closely with our strategic partners like MasterCard to offer the very best in payment transaction monitoring to detect and stop fraud as it happens."
The solution leverages predictive fraud models and MasterCard's repository of global authorization and fraud data to detect fraud patterns.
Fraud scores are generated during authorization so fraud attempts can be stopped at the point of sale. The solution continually learns and adjusts to new fraud trends and schemes--key for U.S. issuers fighting off shape-shifting threats from sophisticated domestic and international fraudsters.
TMG worked with MasterCard to secure a reduced rate for the solution. The solution is a part of TMG's larger suite of fraud detection and prevention tools, which saved financial institution clients more than $20 million in potential fraud losses in 2013.