Independent Banker - November 2017 - 54

SPECIAL SPOTLIGHT
NEXT-GEN BANKING
Fight Against the Growing Intelligence of Online Fraudsters
O
nline fraudsters applying for credit cards are becoming
more intelligent about the systems and measures used
to identify fraud. Today, more than ever, it is important for
program managers to employ the right software and staff to
help fi ght this risk. Most program managers understand that
a Customer Identifi cation Program (CIP) is necessary to the
health of a program (and a U.S. requirement), but most are
not maximizing what can be done to stop the fi scal bleeding
from fraudulent applicants. The right blend of CIP software
and the ability to provide a full picture to a risk analyst can
help businesses mitigate risk and maximize revenue.
As fraudsters are becoming savvier, they're utilizing many
different resources to obtain cardholder data on online forums
and black market websites. It has turned into big business to
use spyware that can be deployed onto a consumer's
computer, smartphone and other sensitive data
devices. This data is then sold to other criminals
using the information to apply for accounts across
multiple card programs and other fraudulent activities.
Typically, a test account is applied for using a
credit or card program that the fraudster may already
be familiar with to obtain an approval for credit, or so
that funds can be loaded onto an account like a prepaid
card. Once the initial approval is obtained, the
fraudster can apply to multiple programs with the
same person's data to obtain as many accounts as
possible under the legitimate cardholder's identity.
Breaches are more common than most think
because large retailers are usually the only ones that
make the press. Micro-attacks occur every day without
the knowledge of the business owners because
of weak software security protocols or vulnerable
point-of-sale systems.
The key to a strong fi rst defense is to understand your
cardholders' average age and geographic location, high submission
times of year, and even time of day applicants typically
apply. These factors can aid a program manager in creating
a tailored CIP to identify applicant anomalies even when a
customer's data verifi es via public and private records.
For a strong shield against online fraudsters, it is critical to
create a multi-layer validation process that uses automated
systems blended with trained and skilled risk professionals to
work together in identifying and mitigating all potential risk
and fraud threats.
FIS is proud to offer the RAPIDS service application that
allows clients currently utilizing the prepaid processing
platform to adopt a multi-CIP and fully automated solution to
maximize an issuer's CIP. This application uses

Independent Banker - November 2017

Table of Contents for the Digital Edition of Independent Banker - November 2017

Table of Contents
Independent Banker - November 2017 - Intro
Independent Banker - November 2017 - Cover1
Independent Banker - November 2017 - Cover2
Independent Banker - November 2017 - Table of Contents
Independent Banker - November 2017 - 2
Independent Banker - November 2017 - 3
Independent Banker - November 2017 - 4
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Independent Banker - November 2017 - Cover3
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