The Members Group (TMG), a provider of card processing and payment solutions, has introduced a new fraud detection product that will help banks and credit unions stop payment card fraud in real time.
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The solution, known as MasterCard Expert Monitoring, is being offered to TMG’s MasterCard-issuing credit unions and banks.
The fraud scores are generated in real-time during authorization so fraud attempts can be stopped right at the point of sale.
"The solution continually learns and adjusts to new fraud trends and schemes. This is key for US issuers fighting off shape-shifting threats from sophisticated domestic and international fraudsters," said by TMG in a statement.
Karen Postma, TMG’s AVP of fraud operations, said: "In anticipation of sweeping changes to the US payments system, fraudsters are incorporating more data into their schemes to allow the fraud to blend with true cardholder spend.
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By GlobalData"The financial institutions that issue credit and debit cards understand the seriousness of the threat and are turning to TMG for assistance. We are working closely with our strategic partners like MasterCard to offer the very best in payment transaction monitoring to detect and stop fraud as it happens."
