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WEX rolls out ReD Prism transaction monitoring and risk management tech

15 July 2014  |  2120 views  |  0 Source: ReD

ReD, a specialist, global fraud prevention company, today announced the implementation of the latest release of its ReD Prism transaction monitoring and risk management solution, for WEX Inc., a leading provider of corporate payment solutions.

WEX first became a ReD customer in 2011, with a hosted version of the PRISM solution to underpin and enhance its extensive cards portfolio. WEX regularly updates its fraud protection resources as a critical component of helping businesses operate more efficiently, productively and with greater control over their operations. Today, PRISM monitors over three million active accounts for WEX and has helped significantly reduce fraud losses since its implementation.

Lori Green, manager of fraud service at WEX, said: "Unattended gas pumps are frequently targeted by fraudsters testing stolen fuel cards and PRISM provides WEX and our clients with strong fraud detection and prevention capabilities, which keeps fraud rates very low. The service provided by ReD ensures that fraud rules are tailored to our needs and adjusted to maintain a high level of protection. The latest PRISM solution adds new capabilities that further strengthen our fraud protection capabilities."

Powerful, flexible and scalable, PRISM has been regularly enhanced to ensure that it remains among the leading fraud prevention solutions for card issuers, acquirers and processors. The solution utilized by WEX includes a custom neural model, tailored to meet the specific needs of the fuel card sector. It also includes ongoing rule analysis and regular risk assessments that ensure the service is continuously adapted to evolving fraud patterns and trends, and to WEX's changing requirements.

The latest PRISM release incorporates a number of enhancements that focus on improving the overall user experience as well as operational efficiencies. ReD has added functionality to support the marking of transactions or accounts as fraudulent, suspicious or valid, providing more granular detail about the types of fraud being seen within the WEX portfolio. Additional shortcuts and hot keys have been added, which allow fraud analysts to penetrate alert queues more quickly and gain insight into unusual or suspicious activity within an account.

"ReD's PRISM solution combines custom neural models with flexible, real-time fraud decisioning and post-authorisation monitoring to achieve the optimal combination of speed, analysis and accuracy," said Rich Rezek, director, global product management at ReD. "The successful results we have achieved working with WEX are a great example of the solution's effectiveness and the latest enhancements will ensure the solution continues to meet the company's needs in the future." 

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