More than 50% of retailers in the US and Europe still have to consolidate their fraud management solutions across all channels. Omni-channel retail sales are predicted to reach $1.8 trillion (£1.1 trillion) in the US by 2017, with sales in Europe predicted to hit €920 billion (£660 billion), or 44%of total European sales, by 2018.
Alaric’s Fractals intelligent fraud detection solution has been upgraded with many new features. Fractals uses a combination of self-learning models and user defined rules to tackle any type of transactional fraud problem.
Iris Analytics GmbH Promoted its Managing Director to Chairman. Hanns-Michael Hepp will oversee the prevention and control of electronic payment fraud in his new role. He helped established IRIS Analytics GmbH in 2007. Hepp also helped develop IRIS. His first significant involvement in the German banking industry was to establish credit cards as a mass market product in Germany. During his tenure as Head of Banking Sales at GZS Gesellschaft für Zahlungssysteme mbH, the niche product consisting of 230,000 cards issued in 1984 to 4 million cards in 1993, making MasterCard the dominant credit card in Germany. Hepp has published several scientific papers on fraud prevention and risk control, and pioneered the practical use of artificial intelligence techniques to fight payment fraud in real-time. He previously served on the MasterCard International Security Committee between 1993 and 1997.
ReD implemented its ReD Prism transaction monitoring and risk management solution for WEX corporate payment solutions. WEX first became a ReD customer in 2011, with a hosted version of the PRISM solution to underpin and enhance its extensive cards portfolio. WEX regularly updates its fraud protection resources as a critical component of helping businesses operate more efficiently, productively and with greater control over their operations. PRISM monitors over three million active accounts for WEX and has helped significantly reduce fraud losses since its implementation. PRISM has been regularly enhanced to ensure that it remains among the leading fraud prevention solutions for card issuers, acquirers and processors. The solution utilized by WEX includes a custom neural model, tailored to meet the specific needs of the fuel card sector.
TSYS and FICO software integrated FICO’s latest version of its fraud management solution, “FICO Falcon Fraud Manager 6” with TSYS’ “PRIME” card and merchant management solution. This extension to TSYS’ global strategic alliance with FICO will enable TSYS to offer the Falcon Fraud Manager solution as a hosted service to its licensing clients around the globe. TSYS and FICO’s integrated solution is being successfully utilised by EnterCard, a Nordic-based TSYS PRIME client since 1999. The integrated Falcon solution manages fraud by examining the behavioural aspects of cardholder activity, using advanced analytic models to provide real-time decisions. Combining best-in-class neural network models with merchant profiles, the solution even goes one step further detecting fraud by using adaptive models that change as global fraud patterns migrate.
ReD fraud prevention and payment services has received the 2012 HP AllianceONE Partner of the Year Award for Innovation, for its ReD PRISM® fraud prevention solution. The award recognizes ReD for its approaches to solving a customer problem by delivering solutions that drive meaningful business results for customers. PULSE ATM/Debit has adopted the ReD PRISM monitoring and risk management system, combining dynamic neural network technology, rules-based strategies and intelligent data-mining for very rapid detection of fraudulent transactions. The PRISM solution monitors PIN and signature debit transactions at the point-of-sale and ATM transactions for PULSE and, without impact on the customer experience, will offer a level of real-time decision-making and fraud prevention that was previously unavailable.
United Solutions Company, a credit union service organization that provides financial and technology solutions, and Interpro Technology ATM and EFT processing solutions partnered to offer credit unions a hosted ATM intercept processing solution. The base solution includes ATM capabilities not ordinarily offered as standard features, including remote deposit capture, advanced monitoring, electronic journal upload, comprehensive daily and management reporting, multiple currency support, cash management, PIN changes at the ATM, account-to-account transfer, voice guidance and more. The ATM intercept processing solution can integrate with any credit union core processing system and is offered through a CUSO arrangement that makes pricing extremely affordable.
ReD fraud prevention and payment services and Computer Services announced their partnership. With this, Card Sentry risk mitigation system deployed ReD “PRISM” fraud-detection capabilities for overall fraud-monitoring services and will also enable CSI to integrate and manage customer relationships more effectively. The ReD “PRISM” is incorporated into CSI’s Card Sentry and uses dynamic rule strategies to determine the likelihood of a transaction being fraudulent and reduces the number of fraudulent transactions that occur before the fraud is identified and cards are blocked, reducing overall fraud losses. The system expands Card Sentry’s case management and workflow capabilities, enhancing CSI’s data analytics and helping to determine any potential points of compromise. ReD “PRISM” provides the flexibility for CSI to enhance and manage the information that is available to their custom rule strategies.
ReD fraud prevention and payment services announced Wright Express corporate and prepaid payment solutions has signed an agreement to utilize ReD’s enterprise fraud prevention service. The established fleet and fuel card company has incorporated ReD PRISM® as a supporting tool to its in-house fraud initiatives. ReD PRISM uses predictive analytics and neural modelling technologies to score the likelihood of a transaction being fraudulent. The combination of custom scoring and dynamic rules assists client companies in identifying likely fraudulent transactions before they occur, thereby reducing overall fraud losses.
CorreLog will participate in exhibitor sponsorship at SHARE Atlanta, March 11-16. Featuring deep-dive discussions into the latest IT industry security developments and feature engaging networking opportunities for attendees and highlight governmental compliance requirements specific to mainframe environments that are related to the PCI DSS. CorreLog will also highlight a customer use case for enterprise security across a complex, heterogeneous IT environment consisting of z/OS, UNIX, Linux and Windows devices that pass industry compliance standards such as PCI DSS, HIPAA, SOX, FISMA, and NERC.
FICO analytics and decision management technology has been awarded eight new patents by the U.S. Patent and Trademark Office for inventions underlying FICO offerings in credit scoring, fraud detection and predictive analytics. They protect the FICO algorithm used to explain the primary factors influencing a credit score based upon a rich data feed and an enhancement to the FICO “Credit Capacity Index” that models the impact of future actions on a consumer’s subsequent credit risk. FICO has been awarded 13 patents since the start of 2011 and holds 112 patents total.
Alaric International forged agreements with Cuscal transactional and wholesale financial services provider to the mutual and independent banking sector. To improve transaction capabilities for its customers, Cuscal is migrating to an intelligent in-house payments model and has selected Alaric International, a leading supplier of advanced technology payments products and services. The full deployment of Alaric’s services to Cuscal, which commenced in December 2010, comprises two world leading applications – the Authentic payments platform and Fractals, an advanced fraud detection engine. Focused on uniting payments processing with fraud detection, Alaric will allow Cuscal customers to compete more effectively with major banks in the fast moving Australian payments industry. Authentic is being used to drive the Cuscal-owned ATMs within the RediATM national ATM network, issue and authorise a large portfolio of scheme and proprietary debit cards, provide back office integration to a large number of banking host systems, connect to the card schemes and into the rest of the Australian payments landscape.