Computer Services, Inc. (CSI) (OTC Pink Sheets: CSVI) has launched Card Sentry, a new product to help banks proactively manage the growing risk associated with card fraud and protect the profits associated with their card portfolio.
Card Sentry detects unusual activity based on known patterns in account or transaction history. It works by scanning transactions and comparing them in near real time to industry standard rules written to match specific and currently identifiable fraud trends. The industry rules are constantly created, adjusted and updated based on new criminal strategies, reported incidences of fraud and best practices from industry peers. CSI staff works in cooperation with industry user groups to stay abreast of the latest trends and strategies.
"Losses from card fraud are a major concern for both banks and their customers, but the fear of fraud is also a major concern for customers," stated Larry Moore, CSI Vice President, Card Services. "Early detection and proactive customer contact allow banks to better manage fraud risk, give customers confidence that their banks are monitoring their transactions, and ultimately retain the profits associated with card usage."
Card Sentry was introduced in April for Visa signature transactions and has already dramatically reduced losses for banks using the product. In early August, Card Sentry was enhanced to include MasterCard signature transactions, and customer banks are eagerly adding this feature to their fraud protection plans.
Mike Polley, Vice President of Operations at Citizens Bank of Mooresville, Indiana, reported, "There's no doubt about it; our losses are down significantly. We have had positive feedback from customers because we are alerting them to possible fraud instead of them catching fraud and calling us. They are very appreciative of our proactive stance."
"News coverage of card fraud and card data compromise reinforces the fear customers can feel about using their cards," added Moore. "Banks using Card Sentry can make customers feel more confident about using their cards by letting them know about the measures being taken to protect them."