Frankfurt-based IRIS Analytics and Société d’Exploitation de Réseaux et de Services Sécurisés (SER2S) is deploying a crucial network-based transaction scoring system that tightens security for more than 75% of French payment cards.
The product has been supplied and configured by IRIS Analytics for SER2S to address new fraud patterns and schemes that are difficult to detect with the deployment of traditional fraud prevention measures.
French card issuers were early adopters of chip cards, predating and then adopting the worldwide EMV standard in 2003. For a while, the move to EMV succeeded in driving fraudsters off to less secure card portfolios. While run-of-the-mill fraudulent transactions are being successfully detected and dealt with by card issuers, increasingly sophisticated fraud schemes and the rapid rise in card-not-present transactions are now requiring additional measures. The resurgent threat convinced French payment industry executives that national payment security needed an additional line of defense.
Operating from the core of France’s payment switching infrastructure, IRIS now examines all cardholder and merchant behaviour in real-time, processing 4.7 billion transactions annually. The average response time of less than 5 milliseconds per transaction even during peak periods, IRIS does not add any notable overhead.
The adoption of IRIS comes as accelerating card transaction rates in the French economy ” led by purchases from the Internet ” make room for novel and rapidly evolving fraud attacks. Accordingly, millisecond throughput is only half the story. The constant pressure of fraudster creativity demands a tightly integrated platform, unique to IRIS, giving fraud experts the capacity to constantly supervise and revise decision models, and to stay on top of current fraud trends. In the newly deployed system, French fraud experts interact with IRIS’ built-in machine intelligence, “speaking” the same modeling language in a seamless, cooperative framework.
SER2S is a subsidiary of Groupe Cartes Bancaires CB. It is one of the largest card payment schemes in the European Union with 61 million cards, more than 58,500 ATMs, 1.8 million merchants and a very significant activity comprising 10 billion card transactions in 2013.
For more data on IRIS Analytics access CardData®. For information and commentary on IRIS Analytics visit the searchable CardFlash® Library of more than 58,000 articles published since 1995. RAM Research® forecasts on IRIS Analytics are available exclusively through CardWeb.com.®