Risk Management

Service Providers
The consultants at 1stSecureIT have worked with many banks and payment institutions to help reduce losses in a credit or debit portfolio across Latin America, Europe and Asia. Alberto Espana is the lead consultant in this practice and has over 25 years of experience in the payments industry. Alberto has worked with important institutions such as Visa International, Standard Chartered Bank, BBVA Mexico, Santander and many other to achieve important savings in fraud and credit losses. Our practice includes two major areas:
  • Fraud Prevention Management: It encompasses all areas of Fraud Prevention including detection, prevention analytics, and dispute resolution. We can also help evaluate and implement fraud prevention automated tools. Our focus is on reducing fraud losses and improving the customer experience when fraud occurs.
  • Prevention: Definition of strategies to follow for each fraud type and the customer contact channel strategy. Incorporate rules into authorization engine and other ancillary fraud prevention systems. Track results to adjust strategies immediately when new fraud patterns are detected.
  • Detection: Develop effective communication strategies for all channels such as email, sms, call center and automated actions when no contact is obtained with the customer.
  • Analytics: Work in conjunction with the Institution’s staff to analyze recent fraud patterns and develop effective rules to minimize losses and customer impact at the point of sale. Refresh rules periodically to ensure minimum disruption at the point of sale while increasing fraud detection.
  • Dispute Resolution: Create a process that is fair to customer’s and complies with local regulation while trying to identify customers who abuse the system.
  • Managed Services: We can provide a complete fraud prevention management solution in different business models that can fit an organization’s needs.
  • Credit and Collections and overall portfolio management: We can help credit institutions improve profitability and reduce credit losses by performing a complete assessment of the program and recommending best practices and strategies according to the institution and the portfolio. We will reduce credit losses and improve overall credit performance.
  • Credit Approval: Jointly develop credit policies based on the institutions market target and level of risk desired in the portfolio. Develop process to avoid application fraud and ensure customer’s creditworthiness.
  • Collection Strategy: Includes defining an appropriate strategy for all levels of delinquency and even before an account is past due. The strategy includes channels, negotiating terms and follow up for each situation.
  • Training: Provide collector training to improve effectiveness and increase promise kept ratios. Training can be tailored made for each institution’s needs.
  • Agency Management: Develop an effective strategy to maximize returns from accounts assigned to third party collectors, including monitoring, incentive programs and tracking.

1stSecureIT can help you reduce losses in the short term and improve profitability immediately. Please contact us to request a quote on our services.

Merchants deciding to take credit and debit cards as forms of payment do so because it provides the opportunity to attract new customers and increase sales revenue. But with this opportunity comes a greater level of risk and a stronger need for effective fraud controls. This is especially true for merchants who build an e-commerce Website or who process credit card payments over an Internet connection.  The Payment Card Industry Data Security Standard (PCI DSS) mandates that all merchants who process fewer than one million credit cards per year must fill out an annual self-assessment questionnaire and undergo an annual risk assessment.

1st Secure IT's proprietary tools reduce your exposure to both traditional and e-commerce risk. The following two steps have been identified as being the most important to manage the risk associated with accepting credit card payments.

Step one: The Self-Assessment Questionnaire

For all merchant levels the first phase of a merchant risk assessment program is to ensure that each explicit item identified in the PCI Self-Assessment Questionnaire (SAQ) is addressed.

If you have not completed your PCI SAQ with our ExpertPCI program, please do so by clicking HERE. The cost of our PCI SAQ program is only $45 per year.

After completing your PCI SAQ, if you have failed any specific aspects, go to your ExpertPCI fix-it plan and work through the failures identified in the order in which they are presented. 1st Secure IT will provide you with guidance on each item via a "show details" button.

Step two: Beyond the SAQ

After you complete the SAQ, you will need to perform a formal risk assessment.

Note: It is best if you can manage to do the risk assessment yourself but assistance with this step is particularly useful. Please contact us if you require our expert guidance.

You may also click HERE do download the PCI DSS Risk Assessment Guidelines


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