The uptick in holiday shopping card fraud leaves financial institutions in a tough position: Manage the fallout from higher declines or take on additional fraud risk to minimize cardholder disruption. Getting proactive about holiday card fraud can alleviate that burden.
To help you keep your cardholders protected, we've brought back our team's tips on how to manage incidents during this peak fraud season.
Bank and credit union leaders must educate cardholders on making safe purchases and monitoring their cards frequently. But you can't stop there. For financial institutions, it’s important to implement real-time monitoring for fraudulent or unusual patterns, increase customer interactions, and minimize re-issuance disturbance.
Issuers must educate cardholders on making safe purchases and monitoring their cards frequently. For FIs, it’s important to implement real-time monitoring for fraudulent or unusual patterns, increase customer interactions, and minimize re-issuance disturbance.
After the holiday season, issuers should follow-up with fraud transactions and compromised card analysis in order to perform a more targeted, efficient re-issuance process. Following the holiday season, FIs should determine where gaps exist by investing in better and faster technology tools. They should also determine where gaps exist by investing in better and faster technology tools.
