As the facilitator of transaction data exchange between issuers and acquirers, switches have the opportunity to offer fraud prevention as a value added service to these customers. This enables them to meet customer demand whilst securing an additional revenue stream.
The ReD PRISM® fraud management solution offers real-time (RT) and near-real-time (NRT) fraud decisioning, to meet customer requirements and SLAs.
The ReD PRISM® real-time solution enables the switch to identify fraudulent activity as it happens and to accept or deny transactions in less than 300 milliseconds. A combination of decision rules, a neural engine and a configurable transaction history database can all reside on the switch hardware, providing a powerful front line defence to multi-channel fraud.
ReD PRISM® real-time can be used to feed the ReD PRISM® near-real-time alert systems and multi-year analytical databases, providing an agile rule development tool and powerful analytics. In this model, only one connection is needed to feed an entire real-time and near-real-time fraud strategy.
ReD PRISM® is available for all card types, irrespective of card brand. The solution’s predictive analytics capability is underpinned by powerful neural models and takes into account a variety of factors in arriving at a fraud recommendation. The solution can also be enhanced to identify points of compromise and to develop new fraud rules dynamically. ReD PRISM® is available as both a licensed solution and a managed service.
The ReD PRISM® suite is engineered to provide a highly scalable, long-term solution that brings efficiency gains to fraud operations. ReD PRISM® components can be implemented in a variety of combinations to build an extremely powerful fraud solution tailored to the needs of each individual customer.
Please contact us for further information on our ReD PRISM® fraud prevention solutions for switches.