EvaBank Reduces Fraud Loss By Over 80% After Deploying The REDiVerify Solution

With fraud increasing exponentially year-after-year, EvaBank sought to find a preventative solution to their growing financial losses. They found it with REDi Enterprise Development Inc. REDi’s dynamic approach to fraud allows the debit card holder to communicate back to the bank and stop fraud quickly and effectively. The results are impactful, and they touch every stage of the card holder’s purchasing life cycle in a positive way.

• Decreased fraud loss
• Real-time automation
• Limits fraud losses while maintaining customer confidence

EvaBank, located in Cullman, Alabama, has seen a significant increase in debit card fraud for their card holder base over the past several years. The amount of time it took to manually oversee their card rules and associate those rules to their card holder’s spending patterns was arduous, time consuming, and unreliable. EvaBank sought a solution that (1) engaged their card holders as part of the prevention to approve or reject transactions that triggered due to a combination of abnormalities in the customer’s spending pattern, (2) Reduce the expenses tied to debit card fraud, (3) cost effectively limit their organization’s risk exposure while increasing accuracy and precision of their fraud rules, and (4) automate and generate trends to substantiate whether a card holder was involved in a fraudulent transaction.

The Solution

REDiVerify was chosen to monitor EvaBank’s card holder accounts for potential fraud and analyze their transactions for fraud without impacting their customer’s experience in a negative way.

“We reviewed several vendor solutions before deciding on REDi Enterprise. Their functionality was equal or greater to the other vendors, but their pricing structure made it economical for us to deploy.”

Paula Bodkin
Senior Vice President, Chief Financial Officer & Chief Operations Officer for EvaBank

After deploying REDiVerify, EvaBank is able to accurately identify potential cases of fraud through strategically assigned rules. These defined rules automatically block a transaction when allowed, preventing money from leaving the card holder’s account. The REDiVerify solution also allows EvaBank to decline or block card-not-present, pointof-sale, ATM, or across state border transactions, before a criminal can empty their card holder’s bank account. Through the implementation of sophisticated rules and AI (artificial intelligence), REDiVerify compares the characteristics of EvaBanks cardholders with fraud identifying rules. It then assesses the situation and will raise a red flag to the card holder as a real-time fraud alert, or it will entirely block a transaction from occurring. These safety features are designed to save EvaBank and the cardholders thousands of dollars in theft or identify a credential compromise.

“Our debit card fraud has reduced by over 80% with the REDiVerify solution roll out. The software was beneficial to reducing losses for the bank. It also helped us in serving our clients with a first-class, easy to use solution”.

Paula Bodkin

The reporting capabilities of the REDiVerify platform provide predictive and preventative trends that allow EvaBank to be proactive in realizing fraud occurrences. It also helps in fine tuning of rules, parameter adjustments, and aggressive modifications needed before a card holder is impacted by a loss.

The Results

The flexibility awarded through the REDiVerify solution – in particular, the ability to create rules based on a number of bank criteria and reporting – has been a big step up from EvaBank’s manual process.

“The implementation of the REDiVerify platform was by far the smoothest deployment we’ve ever made. The REDi team walked beside us every step of the way offering recommendations and best practices.”

Paula Bodkin

The REDiVerify platform is user friendly and can be as broad as the institution chooses to deploy. The analytics are easy to read and provide a road map for possible fraud avoidance as data is gathered over time. EvaBank saw a reduction of fraud on their debit card portfolio drop by over 80 percent in their first year of deployment.