|By Business Wire||
|December 30, 2013 11:41 AM EST||
Saylent Technologies, which provides data analytics software to financial institutions that improves profitability and product innovation, announced today that financial institutions using Saylent Technologies’ Card360 software – offered in the market as CO-OP Total Revelation, FIS Debit Insights and Jack Henry Debit Optimizer – have been able to identify debit cards impacted by the Target breach 24 to 72 hours ahead of network notification. As a result, these institutions were able to start mitigation activities as early as last Wednesday, reducing negative customer/member impact for their cardholders and minimizing fraud losses for the institution.
Robert Hoppenstedt, senior vice president of operations and marketing at Bethpage Federal Credit Union, stated, “CO-OP Total Revelation paid for itself in just this one instance given we are potentially one day ahead of where we would be if we were waiting on CAMs.”
“Given the widespread nature of the breach, we’ve been helping customers like Bethpage Federal Credit Union leverage our Card360 software to get a handle on the impact to their membership,” said Tyson Nargassans, president and CEO of Saylent Technologies. “This demonstrates the strength that data analytics and specifically our solution can have on minimizing the impact of fraud in banks and credit unions. Every day sooner that an institution starts mitigation represents both financial savings to the organization and fewer customers negatively impacted.”
About Saylent Technologies, Inc.
Franklin, Mass.-based Saylent Technologies provides financial institutions with software that improves profitability and product innovation by delivering smarter, deeper, actionable analytics on the financial behaviors of consumers and businesses. With Saylent’s analytics solutions, Card360™ for card portfolios and Account360™ for full account portfolios, financial institutions can recognize transaction patterns and activities and leverage that data to improve how the organizations connect with their customers and operate. For more information, please visit www.saylent.com or call (508) 570-2161.