Source: Altair Financial Services International
Altair Financial Services International (Altair) the Payments processor and prepaid card solutions provider, has introduced the complete MasterCard Expert Monitoring System ("EMS") product suite, using Brighterion's iPrevent fraud prevention engine, to enhance security and reduce risk of fraud for both card issuers and their cardholders.
EMS is a browser-based, rules and artificial intelligence-based technologies platform that will provide Altair with complete control of fraud detection, merchant and cardholder profiling, data mining, and management information reporting. The system is designed to help detect fraud before the cardholder even realises it has happened, minimising the loss per fraud case.
The introduction of EMS combined with Brighterion's iPrevent software provides a real-time online scoring platform that allows for customised scoring modelling and can interact with the authorisation response. The combined solution gives true fraud prevention by endowing the Altair fraud manager with the ability to refer or decline suspicious transactions. These tools provide Altair with the ability to develop and deploy multiple risk prediction decision-making models covering all payment card brands and products including prepaid, credit, debit and retail banking products.
"Prepaid cards are one of the most exciting and fastest growing payment products on consumer electronic payments market. The products are ideal for delivering financial services to the unbanked and underserved segments of society. We thus found it important to implement the complete EMS offering, including iPrevent, which will work with highly effective fraud detection scores," says Lee Britton, Altair CEO. "This next-generation scoring solution provides a unified and reliable fraud probability score in real-time, based on a comprehensive suite of 10 leading-edge Artificial Intelligence technologies."
"MasterCard is committed to developing substantive security innovations and best practices that continuously help uphold the integrity of the payment environment," said Bruce Rutherford, group head, fraud management solutions, MasterCard Worldwide. "The MasterCard EMS product suite is designed to optimise business through the management of fraud and reputational risk for all product portfolios."
Altair wholly owned transsaction processor, Symmetrex, Inc. maintained compliance levels with renewal of PCI DSS (Payment Card Industry Data Security Standard) compliance in November 2007. PCI DSS is the internationally recognised certificate that provides current and future clients with a high level of security.
"Altair will combine a number of different rules to create powerful search-and-alert criteria to highlight specific risk and fraud patterns. In addition, the system will provide Altair and our clients with a fuller understanding of the customers using the cards — providing ideas on ways to enhance loyalty and card usage," Concludes Lee.