SEATTLE, April 6, 2021 /PRNewswire-PRWeb/ -- Member Access Processing (MAP), the nation's leading provider of the Visa DPS Debit, Credit, ATM, Prepaid, and Mobile Processing platform, today announced the launch of their Sonar Fraud Forecaster, an AI-based fraud analytics platform designed to help credit unions detect card fraud weeks and months ahead of current available methods.
"At MAP, we take a proactive approach to card fraud," states Cyndie Martini, MAP's Chief Executive Officer. "Sonar helps credit unions identify compromised cards as much as six months earlier than some traditional tools. Early detection can help optimize its re-issuance process by pinpointing which cards will go fraudulent."
Sonar Fraud Forecaster uses an algorithm that compares and combines merchant and card issuer data. Hundreds of millions of card transactions and fraudulent activity are compiled to accurately find common points of compromise (CPP).
"This new algorithmic service combined with our traditional Falcon and Real-Time scoring methods creates a true and combative approach to MAP's suite of fraud solutions," states Martini. "Our solutions allow MAP clients to perform on average 37% better than the Visa National Average when it comes to Fraud in basis points losses."
Sonar helps card issuers prevent fraudulent card reissues by detecting potential fraud before it happened. The Fraud Forecaster predicts 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 CPP analysis is performed daily, generating a prioritized list of potential compromises that impact an issuer's cardholders. The Fraud Forecaster scores provide actionable insights on network alerts and helps reduce unnecessary or fraudulent card reissues.
# # #
About Member Access Processing (MAP)
Member Access Processing (MAP) is the nation's only card processing aggregator of the Visa Debit Processing Service platform for credit unions. MAP's special role in the marketplace provides our client credit unions the unique opportunity to leverage the Technology, Security, and Service of Visa for their members. MAP is a subsidiary of Currence Payment Solutions, a Credit Union Service Organization, with an unrivaled committed to the credit union movement where credit union are valued first and foremost. Working directly with Visa, MAP offer customized, turn-key Debit, Credit, ATM, Mobile, Prepaid-Reloadable, and Gift solutions — all supported by MAP's five-star training, support and service.
About Sonar
Sonar is a predictive analytics platform designed to identify potential and fraudulent cards in our credit union client portfolios utilizing machine learning with millions of transactions from a network of credit unions and processors that delivers a comprehensive view of compromised merchants, cards, and suspicious transactions resulting in reduced fraud cost, minimized member impact, and higher accuracy in card operations management.
Media Contact
Angel Ferrer, Member Access Processing (MAP), +1 (206) 963-0473, [email protected]
SOURCE Member Access Processing (MAP)
Share this article