Peregrine Systems Ltd. announces the launch of ICS/Fraud with the first release already live at Company Barclaycard, Europe?s leading issuer of Visa corporate charge cards. ICS/Fraud is designed to cut the cost of fraud for issuers of credit and debit cards. The product automates the processing of fraudulent transactions on cardholder accounts, with outstanding results for payment card issuers in terms of cost savings, increases in productivity and fraud control. It is the latest addition to Peregrine?s range of exception management solutions for the card payments industry.
ICS/Fraud is unique in that it meets a specific requirement in the market that previously had not been directly tackled by any other software supplier. With this product, Peregrine Systems is entering a new niche as Gary Ramsay, software development manager says, ?We see many of our customers running very successful fraud prevention programmes, nevertheless, a percentage of transactions will still slip through the net. It seems though, that managing and minimising financial losses after fraudulent transactions have occurred, remains outside the focus of existing products. Our specialisation in exception management led us to recognise this gap in the market.?
Peregrine worked in close collaboration with staff at Company Barclaycard to build a clear understanding of user needs. Ramsay continues, ?We did not want to release the product before it had gone through the ultimate testing procedure its first implementation. We have strong working relationships with our customers and that is what gave us the opportunity to get the product right before making it available across the board.?
Speaking about the project, Dave Sanders, Centre Manager at Company Barclaycard said, ?ICS/Fraud has created a much easier working environment for the team at Company Barclaycard, while increasing the control we have over fraud. The implementation means we can minimise our customers? fraud concerns and continue to offer them an efficient service.?
ICS/Fraud is a client/server application, built around workflow and case management capabilities. Based on previous account activity and system settings, the application categorises suspect payments on blocked cardholder accounts as fraudulent or genuine and processes them appropriately.
Customers benefit from a higher fraud recovery rate as ICS/Fraud reduces write-offs, and helps to expose fraud with flexible reporting capabilities. It delivers enhanced customer care and improves cash management, contributing to the bottom line. Integration with Peregrine?s ICS (Issuer Chargeback System) or other chargeback systems means that all fraud cases in ICS/Fraud with chargeback rights are set up automatically, maximising fraud recovery while minimising the cost of processing.
ICS/Fraud is available directly from Peregrine Systems and from its partners. It runs on a number of platforms and can be easily integrated with several card management systems.Details