It’s been nearly one full year since Target lost 40 million bank cards to hackers, and credit card breaches continue to plague the financial industry. At FinovateSpring, Rippleshot debuted its comprehensive set of tools for large issuers to combat data breaches, but this fall the team set its eyes on designing a tool specifically for regional banks and credit unions - Rippleshot Community.
“If you’re a community bank or a credit union, you might hear about these breaches from the payment network, possibly weeks after the big banks do,” said Randal Cox, Chief Scientist at Rippleshot. “If you’re unlucky, you hear just like everybody else - on the news. You’ll feel in the dark, left alone, the last one to know.”
Regional banks are worried - about what will happen to loans they’ve supplied to small merchants that have been breached, and eroding consumer confidence in their cards.
Enter Rippleshot Community.
An eagle eye view into national and local breaches so regional banks and credit unions can protect what matters most - their community. Rippleshot uses billions of credit card transactions to identify thousands of compromised cards all at once, curbing data breaches months before the fraudsters have an opportunity to spend with the accounts.
Rippleshot Community gives regional banks and credit unions visibility into compromised locations that affect their cardholders, the ability to sort the affected cards by threat level, the number of days they’ve been exposed and expiration date, and a tool to export that list to Excel and send it off to their card re-issuing teams.
But imagine if one of the compromised locations was that bank’s commercial borrower. Overwhelmed with regulatory fines and legal fees, 60% of small merchants hit with a data breach fold within six months. Rippleshot’s ability to help regional banks and credit unions intervene before too many cards are compromised can completely change their relationship with their borrowers and essentially save these small merchants’ businesses.
"You don't have to be the last to know," said Cox. "In fact, we will make sure you're the first to know."
Check out the full Finovate demo below, and learn more about the community product here.