The ai Corporation, a leading provider of payment card fraud detection and prevention software, are delighted to announce that they have signed a deal with First Data Corp to provide a payment card fraud detection platform for their clients in China and North Asia.
The world renowned RiskNet product for payment card fraud detection will be integrated into the First Data processing centre in Shanghai, allowing clients the ability to monitor transactions in near real time, providing prompt notification of fraudulent account activity. First Data currently serves four of China's five largest commercial banks, including Industrial and Commercial Bank of China (ICBC), Bank of China (Hong Kong), a subsidiary of Bank of China (BOC), Agricultural Bank of China (ABC) and Bank of Communications, plus other financial institutions in China and North Asia.
Mark Carter, CEO of aiCorp, commented: "We are delighted to be able to offer First Data and its clients in China and North Asia a solution designed specifically to deal with the card fraud issue." Darren Turnbull, Director of Business Development for Asia Pacific went on to say: "This new agreement means that Chinese and North Asian banks will be able to utilise a world class fraud detection system used by some of the world's leading banks but without the major capital expenditure."
RiskNet monitors, detects and manages traditional types of card fraud such as lost or stolen cards as well as identifying increasing trends such as skimming. RiskNet comes in versions for both Acquirers and Issuers. Features include: powerful customised profiles and rule definitions, real-time processing, the capability to monitor all card types (including credit, debit, charge and proprietary) all within a single package, and intuitive user interfaces.
China has a population of 1.3 billion with currently only 6% having credit cards. China is often described as "the last frontier of banking". Local credit card issuing grew by over 200% in the year up to March 2005. Card Fraud is relatively low in comparison to other Asian countries but is on the increase. Outsourced solution such as that provided by First Data and The ai Corporation provides an easy entry point for those concerned about fraud but not able to justify the major expense of installing their own system.