Introducing the Fraud Prevention Suite to combat fraud in international eCommerce

March 9, 2010 · Filed Under Business Software, Internet Software, Security Software, Software News · Comment 

Wirecard AG Presents a Further Development in the Field of Risk Management

Munich-based Wirecard AG introduces the Fraud Prevention Suite, a further development within the scope of its risk management product line. By means of a refined analytics system, fraud patterns automatically identified in the field of electronic online payments processing are now directly included in bodies of rules to combat fraud in international eCommerce.

The Fraud Prevention Suite provides merchants with optimum fraud detection facilities, combined with a simultaneous minimization of the number of transactions erroneously categorized as being suspected of fraud. This is because portfolio data is used to optimize sets of rules by means of integrated simulation functions to assess the relationship between identified cases of fraud to rejected, regular transactions.

Not only are merchants operating with an international reach exposed to fraud attempts more frequently; they also have to contend with a larger variety of fraud patterns than merchants trading within a single country. Particularly as far as credit card processing on a global scale is concerned, the challenge is to be able to identify fraud better and faster and to take preventive steps to counteract fraud.

“Online fraud is becoming increasingly sophisticated internationally,” says Heiner Kallweit, Head of Product Line Risk & Fraud Prevention at Wirecard AG. “On the basis of our many years’ experience, in combination with new software developed we have created a solution which, based on extensive possibilities of analyzing inventory data, identifies online fraud before damage or loss can occur,” adding: “In this context, the behavior patterns differ completely from one industry segment to another, making it necessary for industry-specific parameters of relevance relating to fraud to be included in fraud detection as such. In the case of airlines, for instance, these are the route, method of payment, flight class or advance booking periods. The system even identifies complex patterns to distinguish genuine transactions from fraudulent ones.”

Wirecard AG has adjusted its new Fraud Prevention Suite solution to the requirements of the core industries of eCommerce: consumer goods, airlines/tourism and digital goods.

The range on offer from technology services provider Wirecard comprises individually tailored, industry- and customer-specific payment and risk management systems, ranging from special BSP solutions for airlines, tele-shopping and Internet trading all the way through to PoS terminal solutions in the stationary segment. The services of the online-oriented Wirecard Bank complement and extend the array of products and services for business customers to include credit card acceptance agreements (acquiring), banking services and innovative prepaid card products.

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