Source: Emerging Markets Payments
Emerging Markets Payments (EMP), the leading payments processessing company in Africa and the Middle East, has today launched its EMP Online Fraud Prevention Services.
Online Fraud Prevention Services is an automated monitoring and prevention tool designed to protect banks from exposure to fraudulent transactions. With banks operating in a dynamic and challenging risk environment, it employs rules-based technologies to make real-time decisions.
In operation, Online Fraud Prevention Services will automatically analyse card transactions before they are completed. Then, should the risk rules be violated, the Service will automatically decline the transaction. Future transactions will continue to be declined until the restriction is manually removed. At the same time, it offers flexibility to the banks to tailor rules for specific client segments and even to specific clients.
EMP customers using the system will find the adoption process smooth and efficient. Service installation is performed by EMP, who provides default conditional algorithms covering most fraud cases. Banks can also instruct EMP to implement additional algorithms and to change parameters in line with their needs.
Commenting on the announcement, Murat Ozulku, CEO of EMP Africa, said: “I’m very pleased to launch our Online Fraud Prevention Services today. Designed to keep pace with the constant developments in financial transaction fraud, it provides effective protection against the type of activity that directly affects profitability. In this way EMP continues to deliver the top-quality service needed for our bank customers to focus on their day-to-day operations.”
Contributed | what does this mean?