Security & Fraud

Rippleshot Gets ABA Support


The Corporation for American Banking, a subsidiary of the American Bankers Association, has endorsed Rippleshot’s Sonar card compromise detection tool, the companies said on Wednesday (June 22).

The Sonar product uses the cloud to leverage machine learning and also data analytics to find fraudulent activity. The technology helps process millions of card transactions to find where and when a breach has occurred. The detection is followed by Rippleshot giving financial institutions the tools they must use in order to update their detection processes. The updated technology helps prevent further malfeasance and the difficulties tied to card reissuance.

The firms said that Sonar beat network-issued compromised account management system alerts by an average of 46 days. That meant that banks could reduce reissuance activities by 50 percent and resulted in cost savings when considering that each new card costs $8 to reissue.

In a statement that accompanied the release, Bryan Luke, chairman of the ABA’s Endorsed Solutions Banker Advisory Council, said: "Card fraud remains a critical concern for our members and customers. Our council identified a critical need for a tool that can help financial institutions quickly detect compromised cards and put actionable plans in place to stem fraudulent spend. After researching the industry, the ABA selected Rippleshot's Sonar tool, which has proven success in identifying potential compromises and affected cards, enabling banks to save tens of thousands of dollars from unnecessary card reissuances.”



The How We Shop Report, a PYMNTS collaboration with PayPal, aims to understand how consumers of all ages and incomes are shifting to shopping and paying online in the midst of the COVID-19 pandemic. Our research builds on a series of studies conducted since March, surveying more than 16,000 consumers on how their shopping habits and payments preferences are changing as the crisis continues. This report focuses on our latest survey of 2,163 respondents and examines how their increased appetite for online commerce and digital touchless methods, such as QR codes, contactless cards and digital wallets, is poised to shape the post-pandemic economy.

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