<p>NEW YORK – Over 200 financial institution executives recently attended a Risk Management Forum that addressed ATM fraud prevention sponsored by Woodcliff Lake, New Jersey based-NYCE Corporation. Sparked by last year's ATM counterfeit card incident here, the forum was designed to create an open dialogue to help contain any future fraud-related losses. The "fraud busting" suggestions covered included the following: </p> <p>Develop a comprehensive action plan for use in the event of a counterfeit card situation. </p> <p>Make sure you have the capability to block large numbers of cards quickly, should the need arise. </p> <p>Take immediate action on cards reported as "block and reissue" by your fraud detection service provider. </p> <p>Prepare for prompt customer outreach (developing letters, phone scripts, etc.) that will precede and/or accompany your block and reissue of cards. </p> <p>Review your card production procedures to ensure that your card vendor can expedite the reissue of cards. </p> <p>Remind cardholders to report suspicious activity at ATMs to the terminal owner and provide tips about safeguarding PINs. </p> <p>Terminal deployers should plan to implement Triple DES and remote key loading upgrades.</p>

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.