Payments industry has been subject to significant fraud losses ever since cards have been used by wider audiences. Even after decades of wide card usage, payment fraud continues to exist as one of the biggest risk management challenges that Acquirers and Issuers are facing today.
Due to varied and creative ways of fraud invented every day, such as credit card cloning, data breaches, skimming compromised cards, and online fraud, payment fraud is a widely known phenomenon. Fraudsters are so creative in finding new ways to attack, even the most careful of cardholders or reputable businesses are subject to becoming victims anytime.
In early 2000’s, increasing counterfeit card fraud led the financial industry to move to smart chip technology. The result was the global EMV standard for bank cards based on chip card technology to mitigate payment fraud. However Acquirers and Issuers still face risks through usage of non-secure payment instruments.
To combat with payment fraud, Cardtek offers a multi-channel fraud detection and prevention infrastructure which enables users to define their own score models, scripted inside scenarios that can run in online, near online and batch modes. Online and batch interfaces enable any card management or transaction processing solution to integrate to the platform easily in order to make acquirer or issuer transactions more secure during online authorization.
Cardtek’s Fraud Detection and Prevention Decision Engine is an efficient and complete platform to combat with financial crimes in the payments ecosystem. It combats with online payment frauds in a diversified transactional environment in a highly efficient manner. For instance in one of our banking clients, more than 20 online and 100 near online fraud scenarios including EMV scripting features take less than 10 milliseconds to respond during online credit card authorization.
Cardtek EMV Tokenization Solution addresses security requirements that are defined in EMV co and PCI DSS tokenization specifications for any Trusted Service Provider (TSP) or financial institution.