Saylent Enhances Card360 Solution with Fraud Forensics

Franklin, Mass. (June 16, 2015) —
Saylent, which provides data analytics software and services to financial institutions that improve profitability and product innovation, today announced a significant enhancement to Card360™. Saylent’s Card360 enables financial institutions to segment and analyze customers’ transaction activity and cardholder demographics to maximize the profitability of card and ATM portfolios. Card360’s new Fraud Forensics functionality provides detailed analytics that allow these institutions to distinguish customer purchasing patterns and behaviors, identify at-risk cards and merchant points-of-compromise in their portfolio, and then implement appropriate fraud mitigation steps.

In its recently released Security Threat Report, Symantec found that 11 percent of all security breaches happened in retail. Findings also revealed that the percentage of breaches in which sensitive financial information was exposed doubled to 36 percent, with the retail sector responsible for 59 percent of all identities exposed last year. While EMV is anticipated to help combat fraud at the point of sale, by most estimates, only 30 to 50 percent of merchants in total—and a far lower number of small businesses—are set up to meet the deadline. Also, while EMV will mitigate point-of-sale counterfeit fraud from data breaches, it will also drive fraudsters to look for new opportunities.

Given the increase in merchant-related fraud and the fact that EMV is not going to stop all card-related breaches, Saylent developed Card360’s Fraud Forensics enhancement to help financial institutions identify potential fraudulent activity related to card-based payments early in the process to reduce the negative impact. The Fraud Forensics functionality provides banks and credit unions with two types of analyses:

  • Breached Merchant Analysis, which simplifies institutions’ ability to identify at-risk cards in their portfolio based on a known merchant breach. The analysis enables them to easily focus on a particular period, region or other characteristics of the transactions. The resulting details enable these organizations to accelerate the analysis process and quickly uncover other potentially compromised cards. They can quickly respond to the breach and effectively manage the risk and recovery process.
  • Compromised Card Analysis, which streamlines the process for identifying cards in financial institutions’ portfolios that could be compromised by leveraging cards that they’ve already determined to be compromised. Using the analysis, banks and credit unions can evaluate the transactions performed by the compromised cards to find shared purchasing patterns and a common point of compromise. Once they’ve identified the breached merchant, they can rapidly reveal other at-risk cards in their portfolio and take the necessary mitigation steps.

“With the unfortunate rapid growth in merchant data breaches, we 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,” said Tyson Nargassans, president and CEO of Saylent. “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.”