The threat of fraud for banks and card issuers is substantial and can include data compromise, account takeover, first party fraud, lost/stolen, card manipulation and device swapping. These threats are present across all payment types and require a robust but cost efficient approach to fraud prevention.
ReD PRISM® is ReD’s industry leading payment fraud management solution, available for all card types, irrespective of card brand, as a licensed solution or a managed service.
The predictive analytics capability of ReD PRISM® is underpinned by powerful neural models and takes into account a variety of factors in arriving at a fraud recommendation. Components can be implemented in a variety of combinations to build an extremely powerful fraud solution tailored to the needs of each individual customer. The solution can be enhanced to identify points of compromise and to develop new fraud rules dynamically.
ReD PRISM® provides the ability to decline transactions in real-time (RT), as part of the authorisation decision, with further monitoring being carried out post authorisation. This reduces the number of fraudulent transactions which occur before the fraud is identified and the cards are blocked, reducing the overall fraud loss for the issuer. Issuers can combine the real-time and near-real-time (NRT) capabilities of ReD PRISM® to achieve the optimal combination of speed and analysis to detect, understand and prevent fraud.
The ReD PRISM® suite is engineered to provide a highly scalable, long-term solution that brings efficiency gains to an issuer’s fraud operations. ReD PRISM® can be implemented in support of both issuing and acquiring operations, enabling a single team of fraud experts and technical staff to support both areas of the business.