SAYLENT EXPLORE
Minimizing fraud losses and building customer loyalty.

SAYLENT EXPLORE
Minimizing fraud losses and building customer loyalty.

Established in

1908

Total Assets

$989 Million

Headquartered in

Manchester, NH

Established in

1908

Total Assets

$989 Million

Headquartered in

Manchester, NH

CHALLENGE

Identify at-risk cards and minimize fraud losses.

At the onset of the holiday shopping season in November 2017, three members called St. Mary’s to report fraudulent, pin-based debit card charges on their checking accounts. Each transaction originated from the same location, and immediate action needed to be taken to minimize losses.

Solution

Utilize Fraud Forensics to identify breached merchant location and initiate mitigation procedures.

Provided with only with the cardholders’ names and last 4 digits of the cards in question, Saylent was able to organize the cards into a grouping. This group was then analyzed with the Compromised Card functionality in Fraud Forensics, and in seconds revealed all common merchants at which the three cards had transacted.

With only one match appearing for all 3 cards, there was little doubt as to the identity of the breached merchant. By isolating the exact location of a merchant – which was later confirmed to have a skimmer device on location – St. Mary’s quickly initiated a rule on their cards to limit further transactions at the merchant until there was a resolution.

With the individual merchant established as a point of compromise, Saylent used the Breached Merchant feature within Fraud Forensics to identify an additional 119 cards that made transactions at the same merchant during the time in question. With this information in-hand, St. Mary’s could now monitor the activity on these cards, and proactively reach out to these cardholders to warn them of potential exposure to fraud.

Results

By identifying the potentially at-risk cards, St. Mary’s curbed an estimated $80,000 in fraud-related losses.

Estimated Losses Avoided

$0

“When we suspect fraud for a specific location, I will email Saylent with the details of confirmed fraud from members as we know it and within a very short window they have identified all cards used at a suspected POC location. That is the kind of service we like to see to minimize losses from the credit union.”

Lisa Allard, VP, Electronic & Deposit Operations Manager, St. Mary's Bank

Download the full story.

Get more details on St. Mary’s success by downloading the full Success Story.

Download the full story.

Learn more about St. Mary’s success by downloading the full Success Story.

Discover more examples of our expertise.

Saylent Engage
Saylent Explore
Saylent Reward

Gain clarity of insights
for your institution.

Request a Demo