Organizing an annual fraud audit is a must for today’s financial institutions, as they are facing an ever-evolving fraud environment. Not only does an audit take into account new fraud trends, it analyzes a specific FIs unique situation – where it has been the most vulnerable in the past and where the most exposure exists for future breaches.

The new year presents the perfect opportunity for an FI to reevaluate the effectiveness of its fraud prevention tools (called Falcon Strategies within the TMG community).

In recent months, TMG has consulted several FIs and brought attention to Falcon Strategies that have gone untouched for years. While many of these strategies remained viable, they were no longer capable of providing the best possible protection for that particular FI – simply because they longer met the needs and behaviors of a changing cardholder base. 

One way to revamp your strategies is to sign up for TMG’s Fraud & Risk Analysis.

Using a custom process developed by TMG’s fraud department, our fraud experts will analyze 12 months of an FI’s fraud cases to pinpoint exactly where fraud is originating. After the analysis is complete, our fraud experts recommend and help implement new fraud strategies to minimize future risk.
 
More information is available here, as is a way to get in touch with TMG if your FI is ready to ramp up its fraud prevention in 2010.