REDi Enterprise Development Inc., a financial crimes management solutions provider, has announced a partnership with fraud detection software firm Advanced Fraud Solutions (AFS), to deliver an integrated card fraud detection solution to banks and credit unions.
The partnership brings together REDi's analytics and machine learning capabilities with AFS' extensive card fraud prevention platform, and access to Dark Web sources to form a cooperative, real-time card fraud decisioning system that proactively pinpoints at-risk cards and transactions.
According to the FTC, in 2020, credit and debit cards surpassed payment apps, wire transfers, bank transfers, and other methods as the most frequent source of reported fraud cases.
The partnership is aimed at addressing today's high-risk fraud environment, by helping financial institutions better understand fraud threats across their card portfolios so they can proactively address compromised card issues.
The solution will allow banks and credit unions to analyze card threats across more than 100 data points; proactively act on compromised cards; add automatic card controls; receive real-time warnings of brute force BIN and velocity attacks; and enact automated rules to prevent fraudulent transactions.
"Partnering with AFS will allow us to leverage one of the industry's most comprehensive card fraud databases, as well as access to Dark Web sources, significantly enhancing our ability to identify at-risk cards. Conversely, AFS customers will be able to better identify suspicious activity through REDi's behavioral scoring and machine learning," said Rodney Fuller, Jr., President and CEO at REDi. "By taking a cooperative approach, we will be able to offer a next-generation card fraud detection."
"With rising card fraud rates as a backdrop, and an acceleration towards card-not-present transactions, the REDi and AFS partnership addresses a growing need to reinvent the industry's approach to card fraud detection," said Ted Kirk, VP of Strategic Partnerships at AFS. "The exchange of risk intelligence will help both firms expand our ability to quickly detect fraud activity and, most importantly, better protect our bank and credit union customers from fraud and fraud-related losses.”