Fraud Detection and Monitoring Solution

It is no secret that fraud on bankcards costs millions of US dollars every day. Fraudsters are never at rest and continuously develop new fraudulent techniques and particularly target unprotected organisations. If the problem is ignored, fraud costs will escalate extremely rapidly and can lead to the most dramatic consequences for a financial institution in any market. Unfortunately, it is not enough to be quick in response to fraudulent actions, today’s situation is calling for more proactive rather than reactive measures.

Our Fraud Detection System offers the ability to always stay one step ahead of fraudsters. Whilst continuous upgrading of the product lets a bank stay ahead of criminal manipulations, its exceptional flexibility allows banks to define rules specific to the market or common fraud cases in the region.

Our Fraud Detection System performs the analysis of data uploaded into the Datawarehouse subsystem and provides a set of tools for automatic detection of what might be fraudulent actions at the time transaction data enters data storage (online and quasi-online modes) based on predetermined rules. The analysis can be performed based on issuers’ as well as acquirers’ transaction data, for On-Us and Not-On-Us transactions, clearing data presented by payment networks and can cover the entire transaction life-cycle (Authorisation, Presentment, Copy Request, Chargeback, etc.).

At its core, Our Fraud Detection System has customer-defined business rules that follow business as opposed to programming logic. Customers can enjoy an extensive set of tools that allow them to customise the system according to their particular market characteristics, business needs and other preferences, and includes: designing of user-defined algorithms, business rules, documents, etc., all of which use an in-built advanced GUI. Additionally the system has built-in advanced reporting facilities.

And also adds flexibility in the way that it allows for a certain part of a rule to be disabled if the system is overloaded. The most risky and suspicious cases will be detected even at peak times of the system’s activity as the most critical rules are always processed in online or quasi-online modes. The less dangerous cases will be identified after activity loads return to normal levels and less crucial rules are enabled again.

Our Fraud Detection System employs two methods of analysis: object activity analysis (cards, accounts, merchants, branch tellers) and transaction flow analysis (attributes, sequences, patterns). As such the system utilises two types of user-defined rules that can be created using SQL Markup Language or advanced object-oriented facilities for algorithmic schemes’ graphical editing (respective of two types of analyses).

Its not only automatically and effectively monitors and detects suspicious operations, it also has an advanced system of alerts and can be set to automatically act in their response, whereby it triggers a particular action, for example: block card, reduce limit (determined by an algorithm) or start case investigation (managed by dispute managers); it also advises on actions to be taken and documents all the procedures.

Our Fraud Detection System has been successfully certified by Visa International and therefore, it meets the criteria for compliance with the CEMEA Acquirer and Issuer Monitoring Standards.

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TranzWare Fraud Analyzer