Credit unions receiving card processing and payment solutions from The Members Group can now take advantage of DefenseEdge, the newest fraud prevention tool from Atlanta-based payment processing service provider First Data.
The CUSO’s adoption of DefenseEdge allows its CU and community bank clients to detect fraudulent payment card transactions in real time, even based on non-monetary actions such as a change of address request or PIN number change, TMG said.
DefenseEdge can also be customized to identify suspicious activities that relate to specific types of fraud, such as bust-out fraud, the Des Moines, Iowa, company said.
“Threats from fraudsters can change on a moment’s notice,” said Karen Postma, senior cards risk manager for TMG. “The sooner we can identify and set strategies to neutralize these threats, the better. DefenseEdge will speed up the process, minimizing losses for credit unions and community banks that are using it to maintain the profitability of their card portfolios.”
TMG clients that currently use First Data’s Falcon Fraud Detection system can switch to DefenseEdge upon request, the CUSO said.