As the financial industry continues to evolve, so do the methods used by fraudsters to steal sensitive information and commit card fraud. Credit unions and community banks are particularly vulnerable to these attacks, and it’s essential that they adopt a proactive approach to fraud prevention. This is where tools like REDiVerify come into play.
REDiVerify is a comprehensive fraud prevention solution that can help institutions detect and prevent card fraud in real-time. Here’s a quick glance at some of its features:
- BIN attack detection and prevention: REDiVerify can detect and prevent BIN attacks, which involve fraudsters using the first six digits of a card number to generate a list of potential card numbers. Read more about it in our eBook— The BIN Attack Playbook for Community Banks and Credit Unions.
- Real-time risk scoring and analytics: REDiVerify analyzes data from over 100 data points to determine whether a transaction is legitimate or fraudulent, providing institutions with the necessary intelligence to prevent fraud on the go.
- Geolocation services: REDiVerify uses geolocation services to determine the location of a transaction, which can help institutions identify fraudulent transactions.
- 2-way transaction verification via text, email, and outbound call: REDiVerify provides 2-way transaction verification via text, email, and outbound call, enabling institutions to quickly verify the legitimacy of a transaction.
- Compromised card management: REDiVerify provides access to a compromised card list, which enables institutions to quickly identify and prevent losses from compromised cards.
- “Common point of compromise” analytics: REDiVerify uses “common point of compromise” analytics to identify patterns of fraud and prevent future attacks.
- 24/7/365 live agent call center support: REDiVerify provides 24/7/365 live agent call center support, ensuring that institutions can quickly respond to fraud alerts.
- Personalized review of existing fraud rules to improve efficiency: REDiVerify provides a personalized review of existing fraud rules to improve efficiency and reduce false positives. You can read more about it in our latest blog post— The Advantages of Personalized Fraud Rule Reviews.
Of course, features are just a means to an end, it’s REDiVerify’s direct benefit to community banks and credit unions, as well as their customers and members, that really counts. Here are just a few of REDiVerify’s benefits:
- Real-time fraud prevention: REDiVerify can detect and prevent fraud in real-time, reducing the risk of losses for institutions.
- Early notifications of compromised or vulnerable cards: REDiVerify provides early notifications of compromised or vulnerable cards, enabling institutions to take immediate steps to prevent fraud and minimize losses.
- Improved customer experience: By preventing fraud and minimizing losses, REDiVerify can improve the customer experience and restore customer confidence in the institution’s services.
- Access to advanced fraud prevention capabilities: REDiVerify’s partnership with Advanced Fraud Solutions (AFS) provides access to AFS’s extensive fraud prevention databases and resources, enabling institutions to stay ahead of the latest fraud trends.
- Reduced false positives: REDiVerify’s personalized review of existing fraud rules can improve efficiency and reduce false positives, enabling institutions to focus on legitimate fraud alerts.
REDiVerify stands among our suite of products as the ultimate fraud prevention solution for credit unions and community banks to combat card fraud proactively. Talk to us today to see how we can help.
