Monext selects KXEN’s InfiniteInsight to reduce e-fraud

Over 1 billion annual transactions

Electronic payment transactions processor Monext has chosen InfiniteInsight, a product of KXEN, a predictive analytics provider for business users, to reduce e-fraud on over 1 billion annual transactions for some of Europe’s largest e-businesses, retailers and banks, which could mean savings of hundreds of millions of dollars annually (view press release).

Monext will also use predictive analytics to cut ‘false alerts’, which occur when an electronic payment is wrongfully denied because it may be fraudulent. This can happen if customers travel frequently or shop online often and can cause them great inconvenience. Reducing their frequency will also help Monext cut down on call centre costs.

With KXEN’s automated learning approach for rapid modeling, Monext will be able to bring the work in-house to one half-time analyst who will build more than 30 models by the end of the year, custom-tailored for each unique card type (credit, debit, prepaid etc.) and financial institution.

According to Annabelle Gerard, BI & Data Mining Analyst for Monext, “We trust that KXEN will give us a real competitive advantage, saving hundreds of millions of dollars annually and greatly improving the customer experience.”

 

 

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