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Notice to increase your protection

Each bank’s fraud department has protocols in place that are immediately activated when fraud is being detected. Knowing these controls can help you protect your business.

If issuers want to protect themselves, they can decide to block transactions that come from other countries, including the USA (country with the highest fraud rate), so that cardholders cannot make withdrawals or purchases with cards that have a magnetic strip/PIN until they contact their bank and let them know they are traveling outside Puerto Rico. This measure can be taken after a portfolio analysis is conducted because all banks have clients living in other countries that regularly make transactions from abroad. This proactive control can have a negative impact on cardholders if their card is blocked.

reactive control

Call cardholders to validate and/or confirm suspicious purchases or purchases made outside Puerto Rico. Nevertheless, this reactive control does not prevent losses until there is confirmation that the transactions were not made by the cardholder and the card is blocked.

another alternative

Check whether different rules may be created in accordance with the RiskCenter 360 POC to try to detect these points of compromise, focusing the analysis on fraud in traditional electronic transactions (made through the ATH, Interlink, and NYCE networks, among others). Issuers would have to share all transactions, including any instances of fraud, regardless of the network used to process them.

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