SAYLENT EXPLORE
Reducing fraud losses from compromised cards.

SAYLENT EXPLORE
Reducing fraud loss through compromised cards. 

Number of Members

110,000

Total Assets

Over $1.5 Billion

Headquartered in

Boulder, CO

Financial Institution

Established in 1988

Assets Totalling

$1 Billion

Based In

Columbus, MS

CHALLENGE

Identify fraud patterns and risks to reduce losses.

The Fraud Specialist for Elevations Credit Union found it odd that 24 of the credit union’s members’ Visa cards were used within the same narrow time span, and there were other earmarks of fraud. Based on her research and the FICO Fraud Manager used by Elevations CU, the credit union confirmed that the cards had most likely been compromised.

Tracking down the suspect cards and other possibly compromised cards was urgent because it was also determined that the card data was used to create fraudulent cards that made cash withdrawals on the same weekend from members’ ATM accounts.

Solution

Pinpointing the source of compromised cards in minutes.

Elevations used Fraud Forensics as a key tool in their fraud analysis, one of several analytic tools available to credit unions under the CO-OP Revelation umbrella. In addition, CO-OP Financial Services worked closely as an adviser to Elevations CU during the fraud analysis process.

According to the Product Manager for CO-OP Revelation, it only took a few minutes to determine the store that was the common point of compromise. With another click of the button, CO-OP Revelation, in concert with Elevations CU’s core processing system, identified an additional 131 cards that were used at the same store, cards that were certainly vulnerable to compromise.

A manual search could have taken 10 hours or 10 days based on the volume of cards that had to be analyzed. During this time, the card thieves could have accessed hundreds of ATMs and stolen thousands of dollars from the credit union’s members, money for which the credit union or its insurance company would have been responsible to repay.

Instead, CO-OP Revelation fraud forensics allowed Elevations CU to get in front of what could have been a much larger volume of fraud by finding the potentially compromised cards quickly and allowing the credit union to move immediately into its fraud mitigation program.

Results

During the in-market period, both customer segments increased the number of transactions they made with their cards. In addition, customers sustained the increased transaction volume 3 months after the campaign ended.

Compromised Cards

0
Elevations CU determined 24 cards were compromised

Potentially Compromised Cards

0
Fraud Forensics determined 215 total members with potentially compromised cards

Card Reissue

0weeks
Process from first discovered breach until new cards were reissued was only 2.5 weeks

Download the full story.

Get more details about how Elevations CU used Fraud Forensics by downloading the full Success Story.

Download the full story.

Get more details about how Elevations CU used Fraud Forensics by downloading the full Success Story.

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