Page 34 - Pay Magazine s2014

paybefore awards
chanGe aGenT of The year
The organization that pushes the boundaries of prepaid innovation by creating out-of-the-box or elegant solutions or solving a previously “unsolvable” fintech challenge.
Visa Inc.
what they did: Visa in 2014 established its Prepaid Clearinghouse Service (PCS), the prepaid industry’s first centralized database to enable financial institutions, processors and program managers to share data, identify trends, predict and prevent fraud with real- time alerts.
where you get it: Stakeholders can subscribe to the database and fraud mitigation service.
why it works: The centralized database enables stakeholders— both Visa partners and others in the industry—to share data, such as enrollments, load funding
and suspected fraudulent activity. This information is translated into real-time alerts to better detect and prevent identity
theft and other fraud schemes.
why it matters: With the tremendous growth and popularity of prepaid products, consumer and market perception of fraud perpetrated with prepaid cards can erode consumer confidence. Lack of communication among prepaid stakeholders helps fraudsters find gaps in security, making communication vital for fraud reduction. PCS focuses on multiple areas within the prepaid life cycle to identify risk, which is critical to reducing fraud inci- dence and losses.
differentiators: All issuers of Visa-branded cards are required to report into the database as of June 2015. PCS generates alerts when activity follows a risk pattern or threshold set by the subscriber. The alert recipient may then request more information from the consumer or investigate further.
what the judges said: Visa put its significant technology infrastructure and leadership position to work in launching PCS, which leverages industry-wide data and real-time alerts to help stakeholders make better decisions and prevent fraud—not just
react to it.
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Winners Global Cash Card Green Dot Corporation