Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Products
TMG: Fraud strategies saved FI clients $20M in '13
DES MOINES, Iowa (3/28/14)--Fraud detection and prevention strategies offered by The Members Group (TMG) saved its financial institution clients $20.3 million in potential fraud losses in 2013, the payments processor announced Thursday.
 
The $20.3 million figure represents a nearly 70% year-over-year increase from the $12 million TMG saved its clients in 2012.
 
Of the $20.3 million saved, an estimated $2.9 million was saved in December 2013 alone, due in large part to an increase in fraud resulting from Target, Neiman Marcus, Michaels and other merchant data breaches.
 
"Credit unions and community banks trust TMG to help them stay ahead of the fraudsters," said Karen Postma TMG's assistant vice president of operations. "We do this by putting to work the latest technologies that comprehensively monitor accounts, taking prompt, thorough action when fraud is detected and doing what is necessary to mitigate risk."
 
TMG's suite of fraud products and services includes several technologies used in concert with human analysis. Technologies include Fraud Text Alerts and Adaptive Control, a fraud detection solution that monitors cardholder behavior over time, assigning custom, real-time strategies on an individual cardholder level.
 
This type of strategy will become increasingly important as the country migrates to Europay-MasterCard-Visa standard and fraudsters shift away from counterfeiting in favor of account takeover, Postma notes.


RSS print
News Now LiveWire
NCUA re-schedules start of tomorrow's closed meeting to 9 a.m. ET. Open meeting still at 10 a.m. ET.
3 hours ago
.@lisamurkowski @SenatorEnzi @SenJohnBarrasso are latest to weigh in on NCUA risk-based capital proposal. See #NewsNow tomorrow for more
4 hours ago
Now up on News Now: Fed stays course on taper, interest rates http://t.co/6DntsW58vA
6 hours ago
Positive performance indicators and the potential for rising interest rates in @TheNCUA 's latest economic update. http://t.co/yptPbIGvnU
9 hours ago
The @CFPB has launched a nationwide effort to provide financial education. http://t.co/sF3FXHpv3k
9 hours ago