6. Identity Theft

Activity – Member has not had any debit card or credit card activity (primarily Visa) for an extended period of time. A sudden onslaught of transactions in extraordinarily large amounts are one clue that this is identity theft. This activity has the potential for both loss of the card and card information. With the stolen identity, the perpetrators often purchase gift cards from retailers which they re-sell at a discount; or they take copious cash advances which are then used to purchase high-demand, easily liquidated goods such as electronics and jewelry.

Solution – Track the transaction history on debit and credit card accessible accounts and create a system configuration that allows tracking of a specified number of months since the last transaction. If transactions process after that time period, report any accounts having in excess of X number of transactions per day, which total at least X percentage of the specified limit or dollar amount.

Status – Still in the envisioning stage, looking for a champion. Updated 11/7/2012

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