News

Q2 Holdings rolls out fraud alert system for debit card breaches

October 13, 2016

Q2 Holdings has launched the Centrix Dispute Tracking System fraud alerts module, an add-on to the case management and Regulation E compliance platform used by financial institutions for fraud and nonfraud transaction disputes.

According to a company press release, the module allows FIs to quickly and accurately measure the financial impact of a card breach and streamline the labor-intensive process of managing transaction disputes.

"Far too many institutions are simply unable to quantify the impact of card breaches — it's guesswork at best," CentrixDTS Product Manager Tim Kindschuh said in the release. "When combined with the automated tracking capability of CentrixDTS, the fraud alerts module eliminates the uncertainty by offering significantly improved efficiencies in tracking and reporting disputed activity."

The new module processes compromised files that credit card companies provide to financial institutions after a data breach and automatically correlates each fraud claim with the corresponding card breach. The module provides high-level summary reporting and detailed statistics, the release said.

"In the current landscape of card breaches and fraudulent transactions, this integration helps us identify compromised information much more quickly," said Cheryl Brown, vice president of operations and program management at the $1.6 billion-asset Gesa Credit Union. "Fraud alerts will not only allow us to minimize the dollars lost for the credit union, but will save hours of time for members and staff in completing claims."