Ai upgrades payments fraud detection system
11 November 2005 | 1871 views | 0
Source: Ai Corporation
The ai Corporation, a leading provider of payment fraud detection and prevention software, announced the release of the latest version of the market leading fraud screening system SmartAuth designed for Payment Processors and Card Not Present Merchants.
SmartAuth monitors payments in real-time and detects and prevents fraudulent transactions. This latest version includes new features specifically aimed at stemming increases in CNP (Card Not Present) fraud in the Internet, mail and phone order environments. This exciting new release gives the SmartAuth customers, such as Internet transaction processors, PSPs and Merchants, greater control and more screening criteria to help filter out attempted fraud. An added bonus for Processors and PSPs is the ability to raise additional revenue by co-branding the fraud screening tools and reselling them to their Merchant customers.
"We are extremely excited about this latest release of the SmartAuth product," commented Mark Carter, CEO of The ai Corporation. "Payment Processors in particular will benefit greatly by being able to provide their Merchant customers a tailored solution."
Card fraud losses for CNP rose 30% in the last 6 months in the UK according to figures released by APACS earlier this week. Internet card crimes reportedly rose 66% last year, with the average reported loss associated with online scams tripling to $2,400 from $800 (source: FBI). The raises reflect the escalating volumes of business over the Internet, use of new technology such as "Chip & Pin" and the increasing sophistication of the fraudster.
Carter went on to say "We are delighted with the initial feedback we have had from existing clients. With daily reports on the increasing threat posed by fraudsters involved in payment card fraud it is imperative for Payment Processors and Merchant, particularly in the CNP environment to take this issue seriously. SmartAuth provides an effective and easy to use solution which utilises the latest fraud detection tools."