Comdata Corporation, a leader in payment innovation, has deployed the Iris fraud prevention solution to protect all of its payment methods and combat card fraud.
Iris is deployed in data centers in both Brentwood, Tenn, and Louisville, Ky.
IRIS is a software solution that assesses electronic payments with respect to fraud and risk, intercepting suspicious transactions within the authorization process. IRIS detects typical transaction patterns of fraudulent customers and intercepts funds withdrawal early on.
"IRIS was the best solution for us because it supports our 24/7 demands and has a high degree of configurability that complements the needs of business," said Freddy Ramirez, vice president of risk management, Comdata. "IRIS Analytics provided us with at truly optimized product for our daily needs of fighting fraud."
As part of Comdata's vendor selection process, Comdata conducted a blind test in which it provided a set of anonymous transaction data to be run through each vendor's system. Transactions assessed to be fraudulent were then reported back.
"The IRIS blind test results exceeded our expectations," said Paul Cogswell, vice president of enterprise risk and compliance at Comdata. "While our original scope was to prevent third-party related fraud, IRIS now acts as our second line of defense against application fraud, thus minimizing the financial impact of first payment default."