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News

Bank and financial fraud protection for online payment company

Qognify : 10 November, 2009  (Application Story)
The Neovia on-line payment processing company fights financial fraud with the use of Actimize card fraud prevention systems
Actimize, a Nice Systems company and the largest and broadest financial crime, compliance and Risk Management solutions provider to the financial services industry, has announced its Remote Banking and Card Fraud prevention solutions are being implemented by Neovia Financial, a global online payments business.

Neovia's services are used by consumers and merchants in more than 160 countries to address the unique challenges of secure online money transfers in a cardholder-not-present environment. The company specialises in addressing and providing innovative, secure and instant payment services through its brands (Neteller, Netbanx, Net+ and 1-PAY), where money transfer is difficult or risky due to identity, trust, currency exchange, or distance. Neovia will use Actimize's automated fraud prevention infrastructure to monitor all transactions between consumers and merchants in real-time.

"As chip and PIN implementation grows in acceptance and 'card not present' transactions increase, we recognise the continuing importance of an enhanced real-time fraud monitoring and prevention solution," said Mark Healy, head of risk at Neovia. "Our fundamental requirements were to extend our fraud mitigation capabilities and allow for self-administration by both our risk team and our merchants. We believe Actimize has the only proven real-time fraud prevention solution within the marketplace that can cover one hundred percent of our transactions."

The Actimize Card and Remote Banking Fraud prevention solutions employ real-time, phase-based analytical models to achieve highly efficient detection rates while maintaining throughput performance. The solution uses sophisticated analytics to evaluate transactions for fraud risk, offering a major step forward from legacy solutions in real-time scoring accuracy. This approach greatly improves the customer experience by limiting the impact on legitimate cardholders while enabling Neovia to offer superior Risk Management capabilities to its clients.

"Our solutions provide multichannel fraud prevention and deliver efficient investigation of financial crime incidents for our clients," said Amir Orad, executive vice president and chief marketing officer at Actimize. "More important, our solutions enable clients like Neovia to have more opportunity to prevent fraudulent attacks in real time."

The Actimize Card Fraud solution monitors financial crimes end-to-end from advanced detection to investigation, response and recovery. It also leverages one of the industry's fastest growing card data consortiums, which includes billions of ATM/Debit transactions. The consortium data is one of the elements used to enhance Actimize's existing fraud detection models with unique capabilities such as identification of compromised merchants, terminals and cards as well as early worldwide ATM fraud trends. The Actimize Remote Banking solution monitors online banking, call centre, IVR and mobile banking channels to detect fraud perpetrated against monetary and non-monetary activities in real time.
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