Based on the Smart Voucher platform, the Ukash system allows vouchers purchased in one currency to be redeemed in different currencies throughout the countries that support Ukash operations. Alaric has already supplied a major component of the Smart Voucher Gateway infrastructure for the scheme.

Smart Voucher, which trades under the Ukash name, is authorised and regulated by the Financial Services Authority in the United Kingdom as an electronic money institution. As such, Ukash must comply with the FSA's recommended guidelines for transaction risk monitoring and anti money laundering. The Fractals system will allow Ukash to implement a real-time fraud and transactional risk monitoring system in order to detect potential fraud and money laundering activity across its transactions.

"The Ukash scheme has tremendous potential because it offers a simple and secure one-time payment solution to a wide range of consumers, including those without bank accounts," said Mark Chirnside, Ukash CEO. "Alaric's Fractals Merchant Monitoring and AML solutions provide the security backbone to operate our system with full confidence, and mitigate risk for the benefit of all of our customers."

"It's always pleasing when an organisation such as Ukash chooses Fractals fraud detection system as a result of our proven capabilities in this area," commented Steve Lomax, Director of Sales and Marketing at Alaric International. "The prepaid card market is a potential Klondike for fraudsters unless the correct preventative measures are set in place."

Fractals is a complete card fraud detection solution that enables proactive, systematic card fraud detection in either real-time, near-time or batch modes. It provides an automated way of analysing card transactions as they arise and of scoring their likelihood of being fraudulent.