Elan Financial Services Introduces New Tool to Help Financial Institutions Minimize Fraud Losses

MINNEAPOLIS--(BUSINESS WIRE)--Elan Financial Services, a leader in EFT processing, has introduced a new Transaction Authorization Block (TAB) tool that allows financial institutions to block ATM or Point of Sale (POS) transactions in real-time, using a combination of criteria used in the Elan authorization process. The new service, known as eTranBlock, lessens fraud losses by allowing financial institutions to manage their own conditions for denying a transaction.

“At Elan, we want to make our client’s battle against fraud as collaborative and intuitive as possible.”

The authorization blocking rules are designed to increase protection against potential payment fraud situations, such as when the theft of debit card data results in fraudulent transactions from a specific location (whether it be a neighboring state or a foreign country) or at a specific type of merchant.

Elan TAB rules may include one record or multiple records, and records may contain a single rule or a combination of rules set by the client. For example, a rule may contain only a country, or it may contain a dollar amount, a country and/or a Standard Industrial Classification (SIC) code.

“In the past, our fraud specialists would work with financial institution clients to block ATM or POS transactions,” said Troy Cullen, President of Elan Financial Services. “Now, we are taking the process one step further by allowing our clients to add and manage their own real-time transaction denials through eTranBlock. By using eTranBlock, our clients can decline potentially high-risk transactions at the point of authorization, because they have real-time transaction monitoring and an intuitive user interface that lets them take action with a click of their mouse.”

“Elan eTranBlock has been a very useful tool for First Collinsville Bank. We have peace of mind knowing that eTranBlock is available to our bank 365 days a year, 24 hours a day. When unusual activity is suspected we can immediately block the transaction to eliminate the fraud loss,” said Dale Holzinger, Computer Operations Supervisor, FCB Banks. “In addition, if we have a customer that is attempting to make a purchase and they are denied because of a rule that we have in place we can instantly exception their card out until the transaction has been processed successfully. eTran Block compliments the other tools and expertise that Elan has to offer our organization and has helped us stabilize the fraud losses that we have seen escalated each year. The experience and cooperation from the Elan Fraud team has been a valuable resource to the implementation and support of eTran Block.”

With Elan eTranBlock, clients may:

• tailor denial conditions to a specific footprint;
• create, update or delete TAB rules according to their schedule;
• create Individual Rule Exceptions (IRE) to remove individual cards from a specific TAB rule condition; and
• engage Elan for assistance with denial conditions, as needed.

“eTranBlock represents a significant step in improving our client’s ability to combat fraud,” Cullen said. “At Elan, we want to make our client’s battle against fraud as collaborative and intuitive as possible.”

To learn more about Elan eTranBlock call 800-343-7064.

About Elan Financial Services
Elan Financial Services provides a complete range of processing and payments services, including credit card issuing, prepaid card solutions and ATM and debit card processing. Elan is a leading credit card issuer for more than 1,700 clients across the United States. It provides transaction processing, terminal driving and the necessary monitoring and support services for over 33,000 ATMs nationwide, and supports more than 43 million ATM and debit cards. Elan also owns and operates the MoneyPass surcharge free ATM and POS network. For more information call 800-343-7064, or visit www.elanfinancialservices.com.