WAKEFIELD, Mass.--()--Primax has developed and deployed Primax Account Status Fraud Monitoring Service, a fraud monitoring protection service to guard against the results of “brute force” attacks on credit union and bank credit card portfolio accounts. Specifically, the service targets the potential for fraud during Account Status transaction authorization. Brute force is a malicious trial and error method used by application programs to obtain sensitive account information through exhaustive effort.
“We are pleased to add Primax Account Status Fraud Monitoring Service to the tools our credit union and bank clients can optionally employ to better protect against credit card fraud.”
Due to the nature of the account status transaction, current fraud management tools are ill equipped to monitor activity on the account, such as velocity and data mismatching. This creates a vulnerability wherein fraudsters could attempt to obtain the correct verification values for the card record. The Primax Account Status Fraud Monitoring Service guards against this susceptibility by monitoring suspicious activity, on a daily basis, and informing the financial institution of the account and account details when questionable activity is detected, so that the financial institution can determine if action is warranted.
“We are pleased to add Primax Account Status Fraud Monitoring Service to the tools our credit union and bank clients can optionally employ to better protect against credit card fraud.” stated Ted Keith, President and CEO of Primax, “This service, which has been exceptionally well received by our clients, helps repair what was an under-the-radar gap in current fraud management system offerings.”
The Primax Account Status Fraud Monitoring Service provides Primax credit union and bank clients with optional protection against potential fraud that may result from vulnerability in their current credit card fraud monitoring services.
Headquartered in Wakefield, Massachusetts, and founded in 1981, Primax partners with financial institutions throughout the United States to implement exceptional, customizable credit card, private label card, and gift card programs with a high degree of control, and supports these programs and merchant acquirers with back office functions, outstanding customer care and the on-going support needed for success. For more information visit primaxpayments.com