Fraud Loss Reduction
Client
- Large Issuing Bank in the Caribbean
- Over 400,000 card portfolio in both credit and debit cards
Challenge
- Reduce Fraud losses due to Skimming and other fraud types
- Losses were over 1% of sales
- Losses occurred in country and overseas with varied card brands
Engagement
- Conducted an assessment and developed an action plan that was implemented over six months with on-site support
- Identified staff, and systems requirements to achieve short term goals, and helped client execute and implement the solution
After recommendations were implemented, the bank’s fraud levels went down to 0.7% which is below the Latin American & Caribbean standard for net fraud.
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