TMG White Paper Explains How to Empower Cardholders to Help Prevent Card Fraud
(Des Moines, Iowa – March 3, 2014) – Payments processor The Members Group (TMG) released its third in a series of four fraud-themed white papers today. The topic of this paper, written for financial institution (FI) leaders, is empowering cardholders to help prevent card fraud.
Authored by TMG Senior Fraud Prevention Analyst Nicole Reyes, the paper explores how the recent hacking of three large retailers’ payment systems has motivated U.S. consumers to become more involved in the fight against fraudsters.
In the paper, Reyes identifies two essential ways for FIs to take advantage of this newfound motivation by arming their cardholders with defenses. First, she advocates for the education of consumers on fraud trends and tips they can use to protect themselves. She writes, “The overabundance of communication vehicles available to FIs today makes it easier to share a large amount of information quickly and broadly.”
Second, Reyes suggests FIs put actual fraud prevention tools, such as text or email alerts, in the hands of their cardholders.
Reyes concludes the paper with this thought for FIs: “There is no need to wait for a significant breech to remind your cardholders just how important it is to be diligent when monitoring their card accounts and transactions.”
To download the white paper “Empowering Cardholders to Help Prevent Card Fraud,” visit themembersgroup.com/empower_cardholders.