MAP works closely with you to identify your risk management needs and then provides tools and controls to actively manage payment system risk. An integral part of our comprehensive risk solutions is to employ big data and machine learning to predict risk and pinpoint compromised card accounts, thereby reducing fraud losses, unnecessary reissuance cost, and member impact.
The latest tool in MAP’s arsenal to fight fraud is Sonar Fraud Forecast. Sonar is an AI-based fraud analytics platform designed help credit unions detect card fraud before other methods. Using an algorithm that compares and combines merchant and card issuer data on hundreds of millions of card transactions and fraudulent activity, Sonar finds the common points of compromise. Sonar enlists to Fraud Forecast score to predict the likelihood a card will experience fraud in the next 90 days and provides reissue recommendations that align with the credit union’s goals. Sonar’s common points of compromise (CPP) analysis is performed daily generating a prioritizes list of potential compromises that impact your cardholders. Finally, the Fraud Forecast scores provide actionable insights on network alerts and help the reduce unnecessary card reissues.
Benefits of Sonar Fraud Forecast
Improved Fraud Loss Performance
- – Sonar enables Credit Unions to reduce annual fraud losses by 15% to 25%
Refined Fraud-driven Card Reissuance
– Sonar analytics enable refined fraud-driven card reissuance, with fraud-driven card reissuance reduced by as much as 80%
- – Sonar pinpoints fraud at its source (such as a compromised card acceptance device) to proactively identify cards with the greatest degree of future fraud risk
Improved Chargeback Cost Performance
– Sonar enables reduced chargeback volumes, with chargeback costs reduced by an estimated 15% to 20% vs. before Sonar is implemented for a Credit Union
Additional Benefits to Sonar
– Improved Call Center cost performance
- – Improved Member satisfaction and experience
- – Improved Credit Union reputation
MAP’s Fraud Team performs the following on behalf of your credit union:
- – Data collection and anonymization of PII data
- – PAN tokenization
- – MAP manages the data delivery process
- – Data management in our hosted environment
- – Data retrieval and analysis
– Management reporting provided to your Credit Union via Secure FTP
How MAP leverages Sonar for your credit union:
- – We analyze your entire card portfolio nightly to identify at-risk cards
- – We provide daily Action Reports, including the Sonar Fraud Forecast score, for responding to potential fraud
- – We provide CPP Reports on identified merchants and breaches, including exposure date, geographic locations, and number of cards affected
