fights fraud with ReD

Source: ReD

ReD, a leading provider of fraud prevention and payment services, today announced that Canada-based has selected ReD's real-time fraud prevention service ReD Shield to protect the company from fraud, reduce underwriting expenses and improve scalability.

Delivered as a managed service, ReD Shield is enabling instant accept or deny decisioning, protecting from fraudulent credit requests and risks associated with stolen identities and fraudulent bank accounts.

"Before we spoke with ReD, fraud identification and prevention was extremely cumbersome, manual and not cost effective" said Director of Online Sales and Operations Justin Carter. "We wanted to grow our business, improving the types of products and services we offer to our customers, but needed a partner to help us better understand fraud and provide the technology to support our growth and vision."

Founded in 2003, has grown from a financial service company focusing on short-term loans to a full-service financial provider of free - zero transaction and monthly fees - prepaid Visa cards. However, expanding services meant a taxing manual review process was hindering the company's ability to be agile and responsive to legitimate customers. was manually reviewing virtually all customer transactions and knew they needed to find a way to scale the process. Searching for an answer, they decided to enlist the help of ReD and its fraud prevention service, ReD Shield.

The ReD Shield service, delivered by a team of expert risk analysts, minimizes payment fraud while reducing the need for costly manual reviews. Using multiple advanced technologies, an attractive and easy-to-use customer service interface and customized rules, ReD Shield ensures that genuine transactions are processed while potentially fraudulent ones are identified and isolated. Since going live with Red Shield, has experienced a 10 percent a month saving in credit agency fees as well as decreased fraud as a result of streamlining the review process and eliminating the need for credit agency review. The company now has to review less than 15 percent of all transactions.

"'s business model is vulnerable to fraudulent activity and presents exactly the type of challenge that ReD Shield is tailored to address," said ReD CEO Paul Stanley. "We help companies focus on their core business, enabling them to accept genuine transactions and grow revenues while reducing the risks of fraud and the costs of manual reviews. We provide the extra layer of protection that lets them be their best." 

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