Experian-Scorex and TSYS expand partnership to launch transaction fraud model
Experian-Scorex, a global decisioning solutions provider, and TSYS, a global leader in payment services, today announced a transaction fraud scoring model which is now embedded in the TSYS CardGuard fraud detection system.
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The scoring model is fully integrated into the CardGuard platform, which allows rules to be added that further enhance transaction fraud scores. Since the solution uses the freshest data, it is able to identify the latest fraud trends.
"Our goal is to provide proactive, practical strategies in the fight against fraud that enable our clients to reduce fraud losses and give their customers increasing confidence in the security of their payment cards. Our partnership with Experian-Scorex is successful because they share this philosophy," said Andrew W. Marks, group executive for TSYS value-added products. "Since the Experian-Scorex transaction fraud model is seamlessly integrated with CardGuard, our clients can further leverage the investment that they are already making to combat fraud," Marks added.
As fraud rates escalate and perpetrators increase their sophistication, fraud losses related to consumer purchase transactions pose a greater threat to organizations' bottom lines. Experian-Scorex's transaction fraud model promotes customer satisfaction by accurately detecting transaction fraud, reducing false-positives and improving authorization decisions by accessing the most current transaction data available.
"Experian-Scorex has partnered with TSYS since 2002 in the development of risk and account management solutions and are proud to collaborate once again in an effort to safeguard businesses and consumers from new strains of fraudulent activity," said Walter Ramsey, president, Experian-Scorex North America. "This partnership is focused on the problem of transaction fraud and is a natural advancement of our capabilities in the US market. Experian-Scorex continues to represent world-class capabilities, delivering comparable performance to competitive products but at a much more favorable price point," Ramsey added.
Experian-Scorex designed the transaction fraud model using existing CardGuard members. The design process included the study of over 2000 attributes and extensive segmentation analysis. The score uses a combination of up-to-date historical information and a long-term profile of each customer to ensure accuracy and reliability.