Q2 Holdings, a digital banking solutions provider based in the US, has released its latest fraud protection module that would minimise costs related to continual retail debit card breaches for community-focused financial institutions (FIs).
The new add-on component, called 'Centrix Dispute Tracking System (CentrixDTS) Fraud Alerts module, is claimed to ease the pain of debit card breaches for community-focused FIs.
Financial institutions will have to install this add-on to the case management and regulation E-compliance platform for both fraud and non-fraud transaction disputes.
Q2 said that the the module ensures both speed and accuracy in measuring the financial impact of a card breach and helps FIs reorganize the back office management and labour-intensive processes of managing transaction disputes.
By processing the compromised files offered by credit card companies to financial institutions following a data breach, the Fraud Alerts module automatically associates each fraud claim with the corresponding card breach.
Further, CentrixDTS’ online reporting capability provides transparency into the financial impact of the breach, such as high-level summary reporting and detailed statistics.
Q2 Holdings product manager of CentrixDTS Tim Kindschuh said: “Far too many institutions are simply unable to quantify the impact of card breaches. It’s guesswork at best.
“When combined with the automated tracking capability of CentrixDTS, the Fraud Alerts module eliminates the uncertainty by offering significantly improved efficiencies in tracking and reporting disputed activity.”