NAFCU Services Blog

Apr 18, 2019

Top 15 Enterprise Risk Management Strategies for Preventing Card Fraud

By Ann Davidson, Vice President of Risk Consulting, Allied Solutions 

Allied Solutions is on the front lines of risk management, with expert perspective on best practices to detect, prevent, and mitigate against fraud.

  1. Turn off any active non-EMV cards and replace these with chip-enabled cards.
  2. Train employees on fraud detection methods & prevention strategies. 
  3. Establish multi-layer authentication requirements for any financial transactions or sensitive requests performed online or in person.
  4. Establish daily dollar limits for credit card and debit card transactions.Card Fraud
  5. Conduct frequent tests to determine where system vulnerabilities exist and promptly address them.
  6. Regularly monitor cardholders’ accounts for any suspicious activity. 
  7. Offer identity theft protection to accountholders to better protect them and your financial institution from the growing threat. 
  8. Give accountholders the ability to opt into transaction notifications, so they may immediately catch and report any suspicious account activity.
  9. Share identity theft and scam prevention tips with your accountholders.
  10. Establish and share fraud reporting processes with employees.
  11. Send cardholders information about how and where to report any suspicions of fraud.
  12. Network with other financial institutions to stay abreast of any new card fraud threats.
  13. Invest in bond solutions that offer plastic card coverage.
  14. Attend our upcoming webinar to learn more about card fraud prevention.
  15. Review these documents for more practical tips on preventing card fraud:

-Card Fraud Prevention FAQs

-Card Fraud Security Measures

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