Redi EFT Fraud

Currently, most banks and credit unions utilize a third-party vendor to monitor their ATM/debit-card network transactions. Even with third-party monitoring, fraud has flourished. And policing fraud has proven to be a double-edged sword. On one hand, the industry has urged card users to “never return a phone call or give out sensitive financial information over the phone to someone you are not positive has your best interests at heart.” So, when a consumer receives a phone call from the third-party about their ATM or debit card, they are understandably reluctant to reply, thereby allowing the fraud to continue.

The Redi EFT Fraud module closely monitors ATM/debit-card activity. This is accomplished through real-time integration in the authorization process. Transactions from foreign countries, skimmed cards and fraudulent merchant activity are all monitored on a 24-hour basis. When items on a client account are considered suspicious, the institution is notified of possible fraud and the card can be automatically “warm carded” to prevent additional activity until the client is notified.