Euronet implements Alaric fraud detection technology

Source: Alaric

Alaric is pleased to announce that Euronet Worldwide Inc. (Nasdaq: EEFT), a leading electronic payments provider, has chosen to implement Alaric’s Fractals fraud detection solution in its pan-European processing offering to both card issuers and acquirers.

The Fractals solution will enable Euronet to tailor fraud detection services to match the needs of its diversified customer base.

The Fractals system will enable Euronet to offer a comprehensive and best-in-class fraud detection solution as a value added service to its customers who rely on its proven transaction experience and capabilities to outsource their ATM, POS and Card systems. The Fractals system was chosen due to its advanced technology design and industry leading real-time fraud detection capability. Currently, Euronet's data centres worldwide process approximately 80 million transactions per month for ATM and POS devices in 20 countries.

"Alaric is delighted to be providing Euronet with Fractals for inclusion in their pan-European processing offering," says Alaric International Managing Director, Mike Alford. "This significant contract affirms Fractals' position as a market leading fraud detection solution and provides Alaric with further global market penetration."

The Fractals fraud detection system provides both issuer and acquirer services from the same platform, which is ideally suited to the multi-bank processor environment. The system enables users' such as Euronet to offer their customers a flexible multi-tier fraud management service, which is cost effective for the customer at every level and can be tailored to the specific needs of each customer. This includes options for rules based detection only; advanced rules (Power Rules) and highly accurate, automatic and adaptive pattern recognition models, which can be trained from a regional basis or from a customer specific basis using historical transaction data. Fraud alerts are presented in a simplistic format for ease of interpretation and investigation.

"Euronet is committed to providing innovative, high-quality EFT outsourcing offerings to our customers worldwide. The Fractals fraud detection solution enables us to offer our banking clients a comprehensive solution designed to protect their credit and debit card holders," said Rodney Farmer, Euronet Worldwide Vice President - Sales, Europe, Middle East and Africa region.

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