TMG fraud strategies saved financial institution clients $28 million in 2014
DES MOINES, IA (April 30, 2015) — Fraud detection and prevention strategies executed by TMG (The Members Group) saved its financial institution clients $28 million in potential fraud losses in 2014, the payments processor announced today. This represents a nearly 40-percent year-over-year increase from the $20 million TMG saved its clients in 2013.
“Speed and behavior-based fraud detection are critical differentiators for TMG’s prevention program, which more credit unions and community banks than ever before in the company’s history are relying on for protection,” said TMG’s Karen Postma, AVP of fraud operations and asset management. “The most innovative technologies combined with skilled, experienced fraud analysts allow our fraud team to safely authorize more transactions, which ultimately leads to a better cardholder experience and more revenue for our partners.”
Evidence of the team’s effectiveness came with a recent announcement from Visa. The card brand recognized San Diego County Credit Union® (SDCCU®) as one of six Service Quality Performance Award winners based on the issuer’s measurable e-commerce fraud prevention strategy. Visa noted SDCCU’s strategy resulted in a high authorization approval rate and a low fraud-to-sales ratio. The brand called SDCCU highly efficient in its processing of e-commerce exception items, a service TMG is proud to provide the $6.9-billion credit union.
According to Postma, it is important to note the calculations TMG used to arrive at the $28 million total savings were conservative, based only on the minimal amount saved.
TMG’s suite of fraud products and services includes several technologies used in concert with human analysis. Examples of technologies include Fraud Text Alerts and Adaptive Control, a fraud-detection solution that monitors cardholder behavior over time, assigning custom, real-time strategies on an individual, cardholder level. In October of 2014, TMG’s MasterCard-issuing clients were given access to MasterCard Expert Monitoring, which provides fraud scores in real-time as credit and debit cards are swiped.
TMG (The Members Group) is dedicated to creating customized, technology-driven card processing and payment solutions for credit unions and community-based financial institutions across North America. Innovations in fraud management, loyalty programs, alternative payment systems and analytic reporting, and the competitive advantages they create, have helped TMG forge a new standard in offering cutting-edge credit, debit, ATM, prepaid card products and a P2P payment solution. For more information, visit www.themembersgroup.com.
About San Diego County Credit Union
San Diego County Credit Union is San Diego’s largest locally-owned financial institution serving San Diego, Riverside and Orange counties. SDCCU has assets of $6.9 billion, over 284,000 customers, more than 35 convenient branch locations and 30,000 surcharge-FREE ATMs. SDCCU provides breakthrough banking products that meet the demands of today’s lifestyle and delivers banking services that save customers money. SDCCU is leading the way, offering FREE Checking with eStatements, SDCCU Mobile Deposit, mortgage loans, auto loans, Visa® credit cards and business banking services. Federally insured by NCUA. Equal Housing Opportunity. Equal Opportunity Employer. For more information, visit www.sdccu.com.