New approach to fraud detection, behaviour monitoring and follow-up services
Today Equens, one of the largest pan-European card and payment processors, announced that it has selected RiskShield from INFORM GmbH as the basis for a new approach to fraud detection and behaviour monitoring. By utilising the flexibility offered by RiskShield, Equens will be able to offer tailor-made fraud management services to issuers and acquirers.
In the delicate business of card and payment processing, risk and fraud management are of the utmost importance. With RiskShield, Equens has further strengthened its European risk and fraud management service proposition. The tool will enable Equens to support its clients with real-time risk scoring and follow-up services. This offers major benefits for banks and their customers in terms of increasing security in payment processing, combating fraud and minimising the resulting losses.
"Factors such as speed and flexibility played a major role in the selection process", says Eric Luijks, General Manager of Risk Management at Equens SE. "Every client has their own offerings and requirements for transaction processing. We have decided to mirror these requirements with a uniquely tailored fraud detection and behaviour-monitoring capability.
Paired with Equens' knowledge and expertise in risk and fraud services in the European market, our clients will benefit from unique solutions tailored to their specific needs and requirements."
Andreas Meyer, Director of the Risk and Fraud Division at INFORM commented, "Fraud is an ever-present threat to financial transactions which appears in many forms and can quickly morph into new manifestations. Every transaction channel is challenged by fraud.
We have designed RiskShield to support multiple channels, transaction types and fraud modus operandi to work in real time to monitor millions of transactions for suspicious characteristics. However, we have also designed RiskShield to be agile so that monitoring can change to accommodate behaviour changes of the fraudster or as new modus operandi are introduced."
Equens offers an extensive range of risk and fraud services to support clients in minimising fraud. With expertise in rule management, advanced tooling and extensive knowledge of transactional data, the company helps its clients to effectively detect and prevent fraud while maintaining a high level of customer satisfaction. Equens dynamic detection models help clients to always stay ahead of fraud trends in the industry.
Follow-up fraud analysis and monitoring services are fully integrated into the company's core processing systems. An international network consisting of police, justice and the financial industry facilitates effective follow-up on confirmed fraud cases.