Important Dates
August 6-25
2008 Beijing Olympic Games Production Control Period - To ensure the highest quality operations during the 2008 Beijing Olympic Games, Visa will implement a control period for all production systems beginning August 6, 2008, through August 25, 2008. During this timeframe, there will be no new implementations, telecommunications changes, or other types of changes that require certification.
August 25-29
OneBridge will be attending the Symitar Educational Conference in San Diego, CA
Additional Info
September 1
Visa is scheduled to release the next version of their Compromised Account Management System (CAMS). You can read more about this in the Visa News section of Touchpoints.
September 1
Labor Day
September 15-18
OneBridge will be attending Harland Financial Solutions' Connections 2008 in Orlando, Fl.
Additional Info
October 19-22
OneBridge will be attending the Share One Customer Conference in Memphis, TN
November 4
Election Day
Real-Time Clearing (RTC) for Fuel Reminder
 Remember to confirm your data processor's commitment to comply with Visa's Real-Time Clearing for Fuel changes in October, 2008.
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OneBridge Welcomes L G & W Federal Credit Union
We are thrilled to announce that L G & W Federal Credit Union in Memphis, Tennessee has chosen OneBridge for their Visa credit card program.
L G & W was chartered in 1940 to serve Memphis Light Gas and Water employees and their families. With three locations, they are now $80 million strong and remain focused on providing this same field of membership with a full array of financial services.
The credit union is planning to go live with the OneBridge Gateway Credit service in fourth quarter of this year. Please join us in welcoming them to OneBridge, where we make money move. |
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We're Moving Our Data Center!
In just a couple of months (October), we'll be moving our primary data center to a new location.
How will this benefit you?
The new location is able to withstand catastrophic weather conditions more effectively than a standard office building and interruptions of power supply from local utility lines will not interrupt system availability.
How will this affect you?
During the actual move, all services including authorizations and navigator will be down for 2-4 hours. The move will occur between the hours of 2:00 a.m. - 6:00 a.m. EDT.
What do clients need to do?
Nothing! OneBridge will update you once the move is complete and all services are operating normal.
OneBridge will continue to update you as the date approaches. In the meantime, if you have any questions, please contact Todd Howenstine, Director of IT at 800-322-4035 x 5829.
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Collaboration Is Here!
In our Second Quarter issue of Touchpoints we announced we would be releasing Collaboration, a new web 2.0 feature of Navigator. Collaboration is now here!
What is it?
Collaboration for Risk Management is an interactive discussion forum designed to bring clients together to discuss and share industry relevant information and best practices. Our hope is that clients will reach out to each other for insight and also be willing to share experiences in a collaborative effort to combat fraud.
What's in it for you?
Collaboration is your resource to share, seek and gain valuable insight about risk management concerns, issues and hot topics from your peers, OneBridge and Visa.
How do you navigate?
Registration is easy! Simply access Collaboration by following the links provided via the Navigator menu or by clicking here and register by entering a username, password and email address.
Collaboration is organized into (3) main categories:
General Information, Risk Management Services and Client Care and Support.
Under General Information you'll find The Welcome Mat, an excellent way to introduce yourself and network with your peers.
Under Risk Management you'll find Risk Management Discussions, topics that cover best practice guidance and information about current fraud schemes or compromises.
Under Client Care and Support you'll find Dispute Discussions, which offers some quick tips about cardholder disputes. You also have the opportunity to ask your own questions!
What do you do next?
Please visit Collaboration and read thru current topics or post your own. We're here to promote success and growth with your card program and what better way to gain awareness or test a strategy than by interacting with your peers!
If you need help registering or navigating within Collaboration, please give OneBridge Client Service a call at 800-322-4035 option 1.
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A Review of CUNA's Processor Summit
On June 18, 2008, OneBridge attended CUNA's Processor Summit in Hollywood, FL.
The objectives of the summit were to share knowledge, thoughts, ideas and work together more effectively to combat fraud and reduce losses. The 2008 Card Processor Summit Attendees included:
- CO-OP Financial Services
- Fidelity National Information Services, Inc.
- Fifth Third Processing Solutions
- First Data
- Fiserv USERS
- Fiserv EFT
- Symitar
- Metavante
- OneBridge
- Pemco Technologies
- PSCU, Financial Services
- SHAZAM Inc.
- Total Systems Services, Inc.
- USBank/Elan Financial Services
- Visa Debit Processing Service
Some important takeaways for our clients
· Among the many topics and best practices discussed, Fraud Monitoring was of high importance. One essential CUNA Mutual Group underwriting requirement is to have an effective fraud monitoring system. CUNA stressed how important early detection with a 24x7x365 response is for a successful system. Detection and response time are critical and responding and blocking by the 4th transaction is ideal.
· CUNA prefers that fraud systems detect 60% to 70% of the fraud experienced.
· CUNA is working towards automating the claims process by working with the processors to get a data transmission. By automating the process all losses can easily be reported (even if they don't meet the deductible) and the process will me more simplified. Claims training is offered to the processors and OneBridge will be participating in the training very soon.
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Did you know....
· The FBI reports that current schemes focus on smaller ticket purchases, cash and gift cards?
· Neural Networks like VAA and PRM Scoring engine have proven to be effective against large ticket items?
· Debit & ATM fraud is rising faster than credit? |
How can OneBridge help?
Proactive Risk Manager (PRM), Fraud Scout and our Real-time Authorization Filters assist in bridging the gap between detecting and responding to suspicious activity. Fraud Scout offers the option to soft block accounts if the cardholder cannot be reached to validate a transaction. Responding with a temporary soft-block when the cardholder cannot be reached or immediately declining and soft blocking a card under certain circumstances is a best practice to reduce the total dollars lost.
OneBridge can assist you with detecting the suggested 60% to 70% of the fraud you experience by tracking this information within PRM A&R. The quicker the fraud is detected and acted on, the lower the losses and subsequently, the lower the claims.
You're in good hands!
During the Summit, attendees were given a copy of the Card Processor Best Practices Help Guide, which is a document written specific to processor's roles describing CUNA Mutual's best practices. Each item in the guide was tagged as either an underwriting requirement, a claims requirement or as a best practice recommendation. OneBridge is pleased to tell you that our products and services meet all of the underwriting and claim requirements. If you would like to review our document, CUNA Best Practices - OneBridge Solution,
you may access it under the category Risk Management in Collaboration or by clicking here. If you have any questions about the information presented, please contact OneBridge Client Service via email clientservice@onebridge.com
or by phone 800-322-4035, option 1.
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Protect Your Credit and Debit Accounts With PRM Best Practices
Proactive Risk Manager (PRM) has been up and running since May 7, 2008 and all OneBridge clients are now utilizing this effective fraud risk management tool.
PRM is a powerful solution to fight fraud. It combines the power of expertly defined rules with neural networks scores for fast, accurate and flexible responses to the evolving nature of issuer card fraud. If PRM is used in conjunction with Fraud Scout it can be very effective at detecting and delivering a fast response to a potential fraud scheme.
Below are some best practices for utilizing PRM and maximizing results.
PRM Best Practices
· Review repeat merchant alerting. You can count repeat merchants in a smaller window of time. For example: Alert after 4 repeat merchants in a 3 hour period. Most fraudsters quickly attempt multiple authorizations trying to beat account monitoring.
· Implement a rule to monitor activity at the fuel pump or temporarily block accounts with multiple attempts in a short period of time. Counterfeit card losses are up from 32.6% in 2002 to 81.6% in 2007 as reported by the CUNA Mutual Group. Automated Fuel Dispensers (MCC 5542) are a key target for counterfeit activity.
· Let the cardholder respond to Fraud Scout when investigating suspicious purchase activity. The system is designed to allow the cardholder to quickly respond
to the suspicious activity and validate the transactions. These tools are designed to make you more efficient! If the system is alerting and soft blocking too many accounts contact Heather Eikenberry Stoner to review the monitoring rules.
· Review fraudulent transactions and/or false positives and make changes when appropriate. Changing rules can help protect against criminal probes. PRM offers flexibility with velocity monitors!
· Consider tighter controls on card not present transactions by ensuring AVS is matched or when reissuing a card due to compromise stagger the expiration date. Debit card fraud is rising - place a high priority on debit fraud prevention and resolution strategies.
· Mark fraud in PRM to assist in reviewing false positive ratios. Consider the point of detection - whether it was an alert based on a VAA score, a real-time authorization filter, velocity monitor or cardholder reported. Assist in finding what is working and what is not in order to make adjustments.
If utilized the correct way, PRM can be an effective tool in the fight against fraud. Sally Saulsgiver from Link Federal Credit Union is a perfect example of a client embracing all of the features and functionalities of PRM.
"PRM has all the information in one place" said Sally, "making it easier to see the trail of events that have occurred on a card. By allowing notes and showing phone call records, PRM lets you keep track of what has been done, and what still needs to be done. Along with Fraud Scout, it has helped immensely with verifying transactions with members and catching fraud. The OneBridge support team is very helpful whenever there are issues or I just need help."
The combination of Fraud Scout and PRM is proving to be effective for other clients as well. "Since implementing Fraud Scout and PRM we are able to be proactive and prevent greater losses down the line," says John Fennessy of Quincy Credit Union. "Mitigating fraud quickly by early detection and response has greatly reduced our overall debit losses."
If you have any questions about the PRM Best Practices, we would be happy to discuss them further with you! Please contact Heather Eikenberry Stoner via email heather@onebridge.com or by phone 800-322-4035 x 5828.
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Visa News
Scheduled for release on September 1, 2008, the next version of Visa's Compromised Account Management System (CAMS) delivers even more of the critical information issuers need to make intelligent decisions when responding to data compromises.
Visa's Enhanced Compromised Account Management System (CAMS) - the Next Step in Integrated Fraud Risk Management
*Important Note*
Exisiting CAMS users will be automatically transitioned and no additional fee or action is required.
Issuance and acceptance continues to increase globally as Visa migrates to enhanced contactless technology specification.
Visa payWave Gains Global Momentum
reuters.com
For more than 20 years, Visa has been a proud sponsor of the Olympic Movement and, most importantly, the athletes who compete.
Celebrating Human Achievement
sponsorship.visa.com
Client News
We love when great things are happening with our clients!
Congratulations to Capital Credit Union's Brandi Caya on the birth of her daughter, Alexus Michelle!
NorthPark Community Credit Union celebrates its 75th Anniversary this month!
Industry News
Here are some interesting stories related to the payments industry that made headlines recently. A link to the full article is included below each summary.
Revitalizing a static card portfolio requires careful due diligence to achieve success.
Six Smart Steps to Revitalizing Your Card Program
creditunions.com
Credit union's portfolios are typically under-penetrated. The average credit union's penetration rate is just 14%, which reflects a phenomenal opportunity.
Penetration Woes!
creditunions.com
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