Archive for October, 2012

Detect Compromised Cards Before Fraud Happens

Wednesday, October 3rd, 2012
Take action before fraud happens. Business Data Miners proprietary algorithm is able to detect
cards that will likely have fraudulent activities within 6 months in the future. If these cards are
reissued or closely monitored, we can reduce a significant amount of the fraud loss. In a live
testing of our algorithm at a top 15 bank, 19% of cards that we predicted as being
compromised had fraudulent activities within 3 months after our prediction. We estimate that
the annual fraud savings is above $1 million.  By reissuing risky cards, we prevent fraudulent
activity before it happens. An added benefit of doing this is that the impact of fraud on good
customers is eliminated.

Business Data Miners proprietary algorithm is able to detect cards that will likely have fraudulent activities within 6 months in the future. If these cards are reissued or closely monitored, we can reduce a significant amount of the fraud loss. In a live testing of our algorithm at a top 15 bank, 19% of cards that we predicted as being compromised had fraudulent activities within 3 months after our prediction. We estimate that the annual fraud savings is above $1 million.  By reissuing risky cards, we prevent fraudulent activity before it happens. An added benefit of doing this is that the impact of fraud on good customers is eliminated.