HOUSTON (9/19/13)--PULSE, a debit/ATM network, has implemented an upgrade to its DebitProtect Fraud Mitigation Service and introduced an optional fraud blocking service.
The new system allows transactions to be blocked in real time, helping the network's clients respond faster to suspected fraud.
Financial institutions consistently rank debit card fraud among their top two concerns, said the annual Debit Issuer Study, commissioned by PULSE. One out of every five debit cardholders in the U.S. has experienced fraud on a card in the last five years, according to a 2012 study by ACI Payment Systems and Aite Group. The Federal Reserve Board estimated U.S. debit card fraud losses to be $1.38 billion in 2011.
The DebitProtect fraud mitigation system was first launched across the PULSE network in 2007. Since that time, the network has continued to refine DebitProtect and invest in state-of-the-art processing technologies. The company also added personnel to provide custom fraud consulting services to help financial institutions reduce the risk of fraud losses.
PULSE collaborated with Hewlett-Packard and Retail Decisions on the DebitProtect upgrade. It deployed Retail Decision's PRISM software on HP NonStop servers.
DebitProtect operates in milliseconds, evaluating transactions in flight, detecting high-risk transactions and alerting card issuers in seconds, often before the cardholder has left the terminal.