Combining financial aspects of payment with channel information for accurate fraud risk indicators

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Payment fraud

The payments landscape is rapidly changing creating new opportunities for innovations in fraud and financial crime. New technologies such as mobile-based payments have enabled non-traditional service providers to enter the market. In addition, regulatory changes have decreased clearing times which reduces the window to detect and prevent fraud. The major challenges are:

  • Rapid evolution of attacks in the online channel, exposing core payment system infrastructure to cyber criminals.
  • Clearing cycles becoming shorter, reducing the window in which to detect and prevent fraud.
  • Traditional payment methods including cash and cheque (check) are in decline, being replaced by electronic alternatives such as ACH faster payments or SEPA payments with a new fraud exposure.
  • Volumes are increasing, requiring efficient risk management solutions.

The Detica NetReveal® payments fraud solution combines information about the financial aspect of the payment with channel information to derive accurate fraud risk indicators. Detica NetReveal® offers a library of detection scenarios to help you manage the risk associated with payment fraud.

Key benefits of the Detica NetReveal® payment fraud solution include:

  • Cross-channel fraud detection library for a wide variety of payment fraud typologies including wire fraud, ACH fraud, corporate account takeover, cheque and deposit fraud, online fraud and mule accounts.
  • Detection of anomalies in the customer profile and their behaviour.
  • Enhanced operational efficiencies - using  alerting and case management capabilities, including a financials and recovery module, to track and analyse losses.
  • Block transactions in real-time.
  • Automated response management for fraud or attempted fraud - minimising the impact on the customer
  • Integrated command and control reporting - providing accurate, relevant fraud metrics  for all levels of management.
  • Rapid reaction to new threats - update detection scenarios, in response to new threats without vendor or IT involvement.
  • Can be extended to a multi-channel fraud solution at any point in the future enabling you to link fraudulent payment activity with suspicious activity in other products or channels.

For further information please browse the documents in the Detica NetReveal®  Knowledge centre.