Alaric launches multiple data source system to fight online fraud

Fractals Fraud Integration Hub

The system, called Fractals FIH (Fraud Integration Hub), operates in real time and combines multiple internal and external data sources to form a centralised fraud prevention hub to combat Card Not Present fraud (view press release). The system is scalable and includes configurable alert and case management capability and a centralised transaction data warehouse. Alaric claims its system is the first of its kind and provides the highest possible levels of fraud detection and prevention by integrating a client’s internal systems and data streams with ‘best-of-breed’ external datasets available in real time.

The volume of CNP transactions is increasing rapidly as people more frequently use the web and mobile channels to make purchases,” comments Alaric CEO, Mike Alford. “It is the very anonymity of paying over the web that inherently makes CNP fraud so very attractive to fraudsters. Fraud experienced in CNP channels can be as high as 5% of purchases in markets such as airline tickets and high value electrical goods. In sectors such as software downloads and gambling the situation is even more acute, as real-time prevention is all important. Simply put, where online retailers are operating on tight margins, CNP fraud can threaten the merchant’s very existence. Sadly, to date the response has been fairly ad hoc and atomistic with the only real alternatives being highly customised and costly bespoke solutions or the use of third party services.”

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