Shazam Falcon Fraud - Who are these people calling me?

Published: Feb 6, 2018 12:29:00 PM

Have you ever wondered why very nice people who work for Shazam call you to confirm the validity of transactions made with your debit card? It could be concerning initially but rest assured, they are looking out for you!

Shazam is our bank’s debit card provider and you will find their symbol on the back of your debit card. The very nice people are Fraud Specialists and work within a specialized fraud prevention group. They continually monitor all client debit card transactions in real time, regardless of dollar amount. Fraud detection involves identifying transactions based on a predetermined set of rules or guidelines that appear to be suspicious. If a suspicious transaction is detected, a case is opened. Case management includes contacting cardholders to determine if the transaction is valid.

In order to detect fraud, Falcon scores transaction information using a neural network model, FICO® Falcon Fraud Manager that has been “trained” to analyze different factors about transactions and the cardholder. These rules are updated frequently to keep up with new fraud attempts. Each transaction receives a score from 1 to 999 (the higher the score, the greater the likelihood of fraud). Then, Falcon creates cases, which consist of information about a suspect card and the transaction history. These cases are investigated by SHAZAM Fraud Specialists to determine if they consist of valid or fraudulent transactions.

When a transaction scores high enough, a Falcon case is triggered and a SHAZAM Fraud Specialist attempts to contact our cardholder to verify transaction activity. Depending on how high the transaction scores, it may be declined out right or it may not be. Regardless, a case is created and a call placed to our cardholder. If a Fraud Specialist is unable to contact the cardholder, they may place a temporary block on the card to halt all transaction activity until the client can be reached. The bank is made aware that a temporary block has been placed and then we start to reach out to the cardholder to resolve the issue in a timely manner.

If our clients have set up text or email alerts through Shazam BOLT$, they will receive notice of the suspicious transaction with any necessary action steps. These texts and emails are sent out 24 hours a day, 7 days a week. The app can be downloaded quickly from the Google Play or Apple App stores and new users will choose “New Mobile Card User” on the home page to add a debit card and set up their personalized alerts.

It is very important that our cardholders provide us with their most up to date contact information and, more specifically, communication channels that they regularly check. Please provide the bank with your most frequently checked email address so you receive your Shazam BOLT$ notifications or any other important notifications from the bank as early as possible. Mobile numbers are important as well, especially if a transaction is blocked, real time and the fraud specialist is trying to reach out to you.

Please remember to call the bank if you are traveling overseas and make sure you have a chip debit card. If you have not received your chip debit card yet, we are happy to replace your current debit card with a new card. Chip cards are more widely used and accepted in foreign countries. Providing us with information upfront about your travel and using a chip card with your PIN will reduce the chances that your card will be blocked while overseas.

Questions? Contact us at (844) 487-3030.

Written by Christy Baker