DebitProtect is the new addition to the suite of anti-fraud solutions Pulse offers its more than 4,400 financial institution participants. These products include card security code checking services and targeted authorization blocking.
Debit transactions in the US have tripled since 2000, and reported debit card fraud has increased. Pulse’s 2007 debit issuer study revealed that US financial institutions lost an estimated $662 million to debit card fraud in 2005. The Pulse DebitProtect system will assist financial institutions in identifying and responding to possible debit card fraud more quickly.
Pulse president Dave Schneider said: Because debit cards are used differently than credit cards, Pulse designed the DebitProtect system based on a highly customized data model developed specifically for debit portfolios. This neural model will be continuously refined utilizing fraud data obtained from Pulse issuers. In addition, the service was developed for ease of use and does not require any technical changes on the part of Pulse participants. As a result, financial institutions large and small will benefit greatly from the service – the broadest of its kind implemented at the EFT network level.
