The Fraud Monitoring package of services is based on a multi-layered system of monitoring, analysis and notification (alerting) of fraud attempts, which consists of a combination of software systems and user applications, written procedures and human resources. Proper and timely operation of all parts of the system, and in coordination with banks and clients, achieves the detection and prevention of fraud.
By analyzing the existing business processes and requirements that clients have regarding fraud monitoring and fraud prevention, and having in mind the evolution of the market, we decided to expand or upgrade the offer in the field of fraud monitoring with additional software systems, supported by detailed processes and well-trained staff. The goal of this service package upgrade is additional automation that would allow clients on the one hand shorter response time when trying fraud, and on the other additional confidence in our clients in the ability to provide a high degree of detection and prevention of increasingly frequent fraud attempts.
The goals of the project are primarily shortened Response Time for existing card fraud attempts, and, with additional automation, ensuring adequate capacity to combat the growing fraud challenges in the future.
Also, the goal of this project is to increase the overall satisfaction of our clients with the services provided in the field of fraud monitoring and their level of security that their system with our software solution and support is able to respond to all new challenges in the field of fraud.
The following rules were used as the basis for the fraud monitoring system in terms of detecting transactions that will be classified as fraud:
Fraud Monitor monitors transactions in near real time. Optimized and cached queries retrieve the most recent transaction data, which is expanded with additional analytical queries where necessary. The software currently supports configuration of the check frequency from every 30 seconds and up, for each individual rule, bank and BIN separately.
The Frontend Fraud Monitor software is designed to provide visual and audible notification to system operators and system administrators logged in to the application when a violation of any of the defined rules is detected. Users are also given to confirm that they have received notice when raising an alert. The date and time of confirmation by the operator is recorded in the log on the system and can be used to monitor the response time.