News and resources on cyber and physical threats to banks and fintechs worldwide.

Austreme granted patent for crad testing fraud detection technology

Source: Austreme

Austreme has been granted a patent for its e-commerce Card Testing fraud detection system – a payments technology for analysing transaction data and preventing card fraud.

“Through our large and ever-growing transaction database, Austreme is able to feed transaction data to our analytic engine for detection of fraudulent transactions. Austreme views this new technology as a solution to support the payment industry in tackling its evolving fraud situation - especially in card testing fraud, that has seen a rise during the COVID e-commerce expansion. We are proud to announce this patent as it reminds us of our organisation vision to strive to innovate new and advanced technologies to protect our FinTech environment,” affirmed Terence Chau, the Director of Austreme.

About Card Testing Fraud Detection System
Card Testing Fraud Detection System is a device designed to integrate into the payment system to analyse and prevent fraudulent transactions. The transaction data receiver will feed required transaction details (such as amount, time, card number, IP address, etc,) to the analytic engine for analysis and decision alert or blocking. Using pre-determined fraud detection rules that can be configured and adjusted for optimal results, the analytic engine automatically approves safe transactions, and rejects those that provide a negative result according to the detection rules.

About Card Testing Fraud
Payment card testing is a technique used by fraudsters to determine the validity of stolen or computer-generated card numbers. Since manually testing the validity of card numbers is time-consuming, fraudsters operate bots to automate card testing in large scales. Taking advantage of payment pages, card testers target automatic payment responses to check whether the transaction made by that card number is approved or declined - if declined, the card number is filtered out. Transaction of small amounts or repeated transactions in a short period of time can be signs of card testing fraud, in correlation to many other factors such as the same card number or IP address linked to the transactions. Fraudsters target online sites that present a vulnerable payment page, often those that are lacking the tools to detect or prevent card testing fraud - by allowing transactions with signs of fraud or card testing behaviour to pass through successfully.

Comments: (0)