Helping Clients Protect Credit and Debit Card Accounts Continues To Be Top Priority
In the first quarter issue of Touchpoints, we announced that the release of Proactive Risk Manager (PRM) would occur this second quarter. Well the wait is over! PRM is here!
PRM is a powerful solution to fight fraud. It combines the power of expertly defined rules with neural network scores for fast, accurate and flexible responses to the evolving nature of issuer card fraud. PRM was added to our line up of risk management services on May 7th. It provides two new risk management functions: PRM Scoring Engine and Analysis & Review (A&R).
PRM Scoring Engine is used with Debit Connection and compares the characteristics of each transaction with a patented neural network fraud detection model and recorded patterns of behavior for each primary cardholder. It then assesses and scores the risk for each transaction using a variety of advanced algorithms, parameters and accumulated statistics.
Scores ranging from 0-999 are assigned to debit transactions; the higher the score, the greater potential of fraudulent activity. With Analysis & Review the score can be used alone or with other transactional data to trigger actions such as soft blocks or Fraud Scout outbound calls.
PRM Analysis & Review interoperates with OneBridge Gateway Credit, Debit Connection, and Fraud Scout.
· For debit card transactions, A & R uses the PRM debit neural score in conjunction with the VAA score and custom rules.
· For credit card transactions, A & R uses the VAA score and custom rules.
· OneBridge Velocity Monitoring delivered using A & R.
· Alerts are delivered directly to a PRM queue that is accessible via the back-office user interface. Optionally, an email can also be delivered.
· CAMS reports can be imported into A & R for inclusion in writing custom fraud detection rules, enabling clients to eliminate mass blocking and reissuing of cards. **
· Additional data can be sent to OneBridge in the Cardholder Information File (CIF) for inclusion with PRM. Data such as account open date, card last issue date, and last address change date can aid in evaluating suspicious activity and determining whether or not to block a card. These additional pieces of data can also be used in conjunction with writing rules to identify suspicious activity.
· A Point of Compromise feature allows for identification of common purchase points and alerting of activity at known compromised merchants.
PRM Analysis & Review provides easy to use workflow management via a back-office user interface. From within Gateway Navigator, users simply select PRM from the menu and log in. Transactions matching a rule generate alerts delivered to reviewer queues or Fraud Scout.
Functionality includes:
· View all transaction history
· View cardholder information (as provided to OneBridge in the Cardholder Information File)
· Create on-demand special reports
· Generate cardholder letters using templates or create custom letters
· Clients utilizing Fraud Scout can opt to send less critical alerts to a queue for review by their personnel. Provides reviewers with precise reasons for the score, improving analysis of the transaction
· Search transaction history to identify common points of compromise
Features include:
· Right clicking on screen fields displays code translations. For example, Response Code, Transaction Code, Special Condition Code, Terminal State Information, Transaction Entry Mode or Terminal Postal Code to name a few
· Transaction history screen highlights alerts triggered and includes information explaining why (VAA score, Velocity Monitor, PRM score, etc.)
· Transaction history displays elapsed time between Velocity Monitoring events for easy evaluation by reviewers
Valuable Performance and Statistical Reports are generated on queue status, reviewer and model performance, fraud savings, and losses. Standard reports are generated and delivered via Gateway Navigator and include Detection Accuracy, Rule Performance Total Fraud Losses, Queue Status Pending, Queue Status Reviewed, Alerts by Account.
To learn more about PRM and A&R, please contact OneBridge Client Service via email clientservice@onebridge.com or by phone 800-322-4035, option 1.
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Point2Point Rewards is a OneBridge branded turnkey cardholder loyalty program for both credit and debit cards. The program awards consumers with points for qualifying purchases made with their enrolled card. Cardholders can select from a broad range of rewards choices - from easily attainable
rewards to larger, higher value rewards. They even have the option of non-restrictive travel rewards and cash back.
