First Data Corp. (NYSE:FDC), a global leader in electronic commerce and payment services and Europe's leading card transaction processor, today announced it has signed an agreement with ai Corporation to offer First Data clients enhanced fraud detection and risk management capabilities through ai's RiskNet product. Initially available for First Data VisionPLUS® clients, RiskNet will enable them to detect and manage fraud across all types of card payments, both online and offline.
First Data and ai Corporation will jointly offer RiskNet, which uses rule-based functionality and artificial intelligence techniques. The system monitors, detects and manages traditional types of card fraud, such as lost or stolen cards, as well as identifying increasing trends such as skimming and Internet fraud. RiskNet delivers a fraud alert in real time and stops a suspect transaction before it is completed.
"The addition of RiskNet complements First Data's existing range of world-class fraud management services," commented Gerald Hawkins, president EMEA, First Data. "It enables our VisionPLUS clients to reduce financial losses, increase profitability, enhance consumer confidence and provide a rapid return on investment. It also gives our clients real flexibility; the system can be amended using simple point-and-click technology, allowing frequent alterations to risk parameters to meet changing risk conditions."
Both acquirers and issuers will benefit from the new partnership as the software is easily adapted to each client's needs. RiskNet Acquirer provides advance monitoring of merchant trading coupled with powerful investigation tools. RiskNet Issuer offers the same detection and management features but is focused on cardholder account activity.
Mark Carter, chief executive officer of ai Corporation said, "We are delighted to have secured this partnership. RiskNet will add further unique advantages to First Data's already comprehensive solution. It enables First Data to offer its clients the very latest technologies to protect themselves and their customers, and, in doing so, consolidate its position as a market leader in this sector."