Saylent adds fraud forensics to Card360
Saylent, a provider of data analytics software and services to financial institutions has announced a "significant enhancement" to Card360, according to a company press release.
The company said its new Card360 Fraud Forensics capability introduces detailed analytics that allow FIs to quickly distinguish cardholder purchasing patterns and behaviors, identify at-risk cards and points of compromise, and implement appropriate fraud mitigation steps.
Fraud Forensics provides two types of analyses:
- breached merchant analysis allows an FI to focus on a time period, region or other transaction characteristics to quickly identify potentially compromised cards in its portfolio after a known merchant breach. The FI can then respond to the breach more rapidly and effectively manage the risk and recovery process.
- compromised card analysis allows an FI to leverage cards that are known to be compromised, analyzing prior transactions in order to establish shared purchasing patterns and a common point of compromise. Once this is determined, the FI can act quickly to identify other at-risk cards and take necessary mitigation steps.
"[W]e wanted to ensure Card360 clients had the ability to quickly identify potentially compromised cards and take the appropriate action to minimize the impact both to their customers and the institutions themselves," Saylent President and CEO Tyson Nargassans said in the release. "With Fraud Forensics, banks and credit unions are well positioned to be proactive in their fraud mitigation efforts to reduce potential fraud-related costs and bolster customer satisfaction."
Fraud Forensics will be offered through Saylent partners in the coming months, the release said.