The solution consists of online fraud prevention and offline fraud detection parts that ensure adequate monitoring and proactive protection against suspicious activities of cardholders and merchants. Furthermore, the deal includes an e-commerce fraud prevention solution.

MilliKart is one of the fastest growing, cutting edge technology companies providing payment card operations in the Caucasus region. For MilliKart Group as a serious and reliable market player, security is a very important aspect of providing high quality and valued services. After a pilot phase of testing the Card Suite Fraud Management solution, MilliKart was able to fully fulfill its customer requirements and needs related to payment protection, and obtained the full Fraud Management solution from Tieto.

Card Suite Fraud Management identifies and adapts to new types of fraud by implementing new rules and changing existing ones when needed. It supports automated monitoring that leads to efficiency and resource optimization. The powerful rule engine allows organizations to define and tailor rules in more general business language, meaning that no extensive IT knowledge is required. The system also enables organizations to gather statistics and validate fraudulent case scenarios. Moreover, Tieto offers an e-commerce fraud prevention solution ensuring cardholder fund protection in the card-not-present environment.

"With our fraud management solution, MilliKart Group can now not only fulfill the requirements of international payment organizations, but also prevent the company from financial and reputational losses, thereby increasing customer trust and loyalty," comments Maris Ozolins, Director of Cards, Tieto Financial Services.

"With this type of fraud management solution, we will be able to compete with other numerous solutions in the market and gain long-term favorable positioning in fraud management for card payments in the banking industry," says Jalal Orujov, Executive Director, MilliKart Group.