The American Bankers Association — through its Corporation for American Banking subsidiary — announced today that it has endorsed Rippleshot’s automated card compromise detection platform. The tool, Rippleshot Sonar, is a cloud-based technology solution that uses machine learning and data analytics to identify fraud more quickly and efficiently. Reviewing millions of transactions, Rippleshot Sonar can pinpoint when and where a breach occurred.
ABA said that Rippleshot Sonar beat system alerts through card networks by 46 days on average, with more accurate date ranges and lists of affected cards — allowing banks to cut their compromised card reissuances by at least 50 percent.
“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,” said Bryan Luke, chairman of ABA’s Endorsed Solutions Banker Advisory Council and president and COO of Hawaii National Bank in Honolulu. Rippleshot Sonar “has proven success in identifying potential compromises and affected cards, enabling banks to save tens of thousands of dollars from unnecessary card reissuances.”