Learn how INETCO helped banks, credit unions and payment service providers improve customer experience, detect fraud faster and optimize transaction performance in 2019.

The Greek philosopher Aristotle once said, “The whole is greater than the sum of its parts.” When it comes to guaranteeing that every payment transaction completes as expected, this statement could not be more accurate. For retail banks, independent ATM deployers (IADs) and payment processors, transactions are the lifeblood of their businesses.

This holiday season kicked off a couple weeks ago, with Black Friday and Cyber Monday showing a 14% increase in early holiday purchases from the same period during 2018, according to a report by Bank of America Merrill Lynch Global Research. With holiday sales projections showing similar numbers until the end of the year, there has never been a more vital time to ensure that consumer transactions are completing as expected.

On November 21st, NCR issued a security alert for a new form of Transaction Reversal Fraud (TRF) occurring in the UK, typically between 10 PM and midnight on any given day. Contrary to previously reported TRF attacks in which cash is pried from the dispenser after a payment reversal is initiated due to the jamming of the card reader, this new method does not require any interaction with the card reader or the use of modified cards.

To Woodforest National Bank, “relationship banking” is everything. As one of the strongest community banks in the USA, they are well known for their hundreds of retail branches located within prominent operators of big box retail and grocery stores. In addition to 700 branches in 17 different states, their electronic payments line of business includes a multi-vendor fleet of 850+ ATMs and payment card issuance platforms.

There are scary villains out there, and they don’t just come out on Halloween. Forget about tricks, and treat yourself to something worth reading…but be warned…this blog is not for the faint of heart… The authentication or the decline of a payment transaction is often the defining factor of end customer experience.

Fall in love with the latest edition of INETCO Insider. Learn how you can utilize payment data acquisition, machine learning capabilities and a highly configurable rules-based alerts engine to detect and prevent payment fraud in real-time – we are talking milliseconds, not days, minutes or even seconds!