- Once CO-OP has been notified from MasterCard or Visa that your financial institution has compromised accounts we will send an email to the designated compromised account notification email address.
2. Log on to Springboard to review the Compromised Account Report.
3. Evaluate the situation:
- Narrow down the high-risk possibilities - For incidents involving the compromise of full track data, find out if any of the accounts were reissued after the compromise date. This can be done by reviewing the expiration date of the cards and compare against the exposure dates. If so, you may not need to consider these accounts as “high-risk”, since they would have been reissued with a different card verification value (CVV) and expiration date.
- Do a fraud exposure reality check - Take into consideration the number of cards affected, daily spending limits on cards, and the likelihood that fraud may occur. Also, assess the likelihood that the fraud will take place in the card-not-present environment, which may give you chargeback rights for fraudulent transactions. Sometimes the associations indicate in the compromise alert whether or not fraud has been associated with the compromise. This is also a good indicator as to whether or not to reissue.
- Know your normal fraud rates - How do these accounts measure against your normal fraud rates? Are they higher or lower? Higher than normal fraud rates may require you to examine all reissue options. MasterCard and Visa will sometimes provide the exposed expiration date in the Compromise Alert. The Compromised Account Report will compare this date to the date CO-OP currently has on file. If the dates do not match, you can exclude these accounts from your reissue list.
Note: Utilize the compromised accounts matrix to assist with identifying exposure and determining options for action. Remember that each compromise event is different and needs to be evaluated.
4. Respond to the email notification using the Compromised Account App in Springboard.
