ABA Endorses Rippleshot’s Automated Card Compromise Detection Platform
Leading banking organization recommends Rippleshot technology for U.S. banks
WASHINGTON – The American Bankers Association – through its subsidiary Corporation for American Banking – has announced its endorsement of a unique card compromise detection tool, Rippleshot Sonar, offered by the Chicago-based company Rippleshot.
ABA believes Rippleshot is transforming the way that banks detect fraud through a cloud-based technology solution that leverages machine learning and data analytics to distinguish fraudulent activity more quickly and efficiently. Rippleshot’s award-winning technology processes millions of payment card transactions to proactively pinpoint when and where a data breach occurred. Following detection, Rippleshot provides banks with the tools they need to update fraud detection rules in order to lower their fraud losses while avoiding unnecessary card re-issuance.
In head-to- head comparisons, Sonar beat network-issued Compromised Account Management System (CAMS) alerts by an average of 46 days, with tighter, more accurate date ranges and affected card lists. With Sonar, banks can dramatically cut their CAMS-related reissuances by at least 50%, a significant savings given banks pay an average of over $8 to reissue each card.
"Card fraud remains a critical concern for our members and customers,” said Bryan Luke, chairman of ABA's Endorsed Solutions Banker Advisory Council. “Our council identified a critical need for a tool that can help financial institutions quickly detect compromised cards and put actionable plans in place to stem fraudulent spend."
"After researching the industry, the ABA selected Rippleshot's Sonar tool, which has proven success in identifying potential compromises and affected cards, enabling banks to save tens of thousands of dollars from unnecessary card re-issuances,” he said. Luke is also president and COO of Hawaii National Bank in Honolulu.
“When a bank is evaluating new fraud analytics solutions, it’s helpful to have a highly acclaimed seal of approval from a trusted industry source,” said Canh Tran, CEO & co-founder of Rippleshot. “This endorsement from the ABA will benefit potential clients as they evaluate Rippleshot’s card compromise detection technology and determine if the platform is the right fit for them, as it has been and continues to be for many financial institutions.”
For more information on this and more ABA endorsed solutions, visit www.aba.com/endorsed.
About Rippleshot
Rippleshot is transforming the way that banks detect fraud through a cloud-based technology solution that leverages machine learning and data analytics to distinguish fraudulent activity more quickly and efficiently. Rippleshot’s award-winning technology processes millions of payment card transactions to proactively pinpoint when and where a data breach occurred.
Following detection, Rippleshot provides banks with the tools they need to update fraud detection rules in order to lower their fraud losses while avoiding unnecessary card re-issuance.
About American Bankers Association
The American Bankers Association is the voice of the nation’s $16 trillion banking industry, which is composed of small, regional and large banks that together employ more than 2 million people, safeguard $12 trillion in deposits and extend nearly $8 trillion in loans.
Learn more at aba.com.
About Corporation for American Banking
ABA endorsed solutions help banks make money, save money, diversify income and improve efficiency. Backed by our comprehensive due-diligence process, these select solutions are analyzed by industry experts, field-tested by bankers and meet stringent quality and customer-service standards. From compliance and insurance to payments and mortgage lending, you’ll find products and services to enhance your bank’s bottom line. Learn more at aba.com/endorsed.
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