"Success isn’t just measured by how many customers you can bring on, but also by how many you can retain. One of the leading causes for customers to close their cards is the feeling that their issuer isn’t doing enough to secure their accounts."
This industry insight comes from Justin Davis, Fraud and BSA Manager for Digital Federal Union, who recently wrote about what it takes to build a strong card fraud program. In his latest post, Davis shared why financial institutions need a proactive reissue strategy as part of their fraud program, and highlighted his personal experience with Rippleshot. He noted the value financial institutions can gain from using Sonar to learn where cards have potentially been compromised and for taking a batch of cards to accurately pinpointing where the information was stolen
"Rippleshot assists with this by utilizing authorization data, instances of fraud, and their cloud to identify exactly where cards have been compromised. By being able to leverage the consortium to identify points of compromises it will allow you to quickly identify your potentially ‘at risk’ cards and reissue based on their Fraud Forecast score," Davis wrote.
Click here to read more of Davis' perspective on how to approach card fraud and build a strong fraud program.