PULSE Deploys ReD PRISM® Product Suite for Enhanced DebitProtect® Authorization Blocking
Edison, NJ (PRWEB UK) 1 October 2013 -- ReD, a leading provider of fraud prevention and payment services, today announced that PULSE, one of the leading debit/ATM networks in the US and a Discover Financial Services company, has successfully deployed ReD PRISM Real Time, Scoring Engine, and Analysis & Review as part of its DebitProtect Fraud Mitigation Service upgrade. Implemented on HP NonStop servers, the solution combines neural network technology, rules-based strategies and intelligent mining for rapid detection of fraudulent activity.
Working in conjunction with ReD, the PULSE DebitProtect fraud mitigation service offers real-time fraud blocking that enables participating issuers to respond quickly to fraudulent debit card activity, reducing losses and decreasing the impact to cardholders.
“Aligning with ReD to enhance our DebitProtect service enables our participants to respond faster to suspected fraud – detecting high-risk transactions and alerting card issuers in seconds, often before the cardholder has left the terminal,” said Eric Lillard, PULSE Vice President, Fraud Services. “Making this strategic investment in fraud mitigation technology was necessary because fraud sophistication and speed are increasing and fraud cycles are becoming shorter and harder to detect.”
PRISM monitors PIN and signature debit transactions at the point-of-sale and for all ATM transactions the moment they happen. This new real-time capability is critical as payment fraud becomes faster and more advanced, enabling decisioning for millions of transactions per day, at less than 250 milliseconds per transaction. Scalable and able to support PULSE and its clients as they grow, PRISM monitors continuously to detect and prevent fraudulent activity, and can learn and adapt to changing patterns of fraud. PULSE and its financial institution participants access information via a PRISM web interface and are able to act on alerts and decisions taken by the system without adversely affecting the customer buying experience.
The PRISM Real Time application is tightly integrated with the Scoring Engine and Analysis & Review system. This enables customers to use an existing familiar interface for the review of declined transactions and allows additional rules to be written against the transactions. When a transaction is declined by the Real Time system, it presents an opportunity for customer service to be proactive in managing potential customer retention issues as a result of any incorrect decisions. All transactions are fed from the PRISM Real Time system directly to PRISM Analysis & Review. This provides valuable analytic information for rule writing purposes and marketing related information, while facilitating both manual and automated alert management and workflow.
“We strive to surpass expectations,” said ReD CEO Paul Stanley, “delivering solutions that uncover fraud that would go undetected by other fraud systems. The combination of real-time fraud detection capabilities with tailored neural models and proven scalability provide PRISM’s strong market differentiation and resulted in ReD winning the prestigious HP AllianceONE Partner of the Year Award for Innovation, for the implementation at PULSE. We are delighted to be a key contributor to the company’s exciting enhanced DebitProtect service.”
About ReD
ReD is a world leader in fraud prevention and payment services. Our solutions are present at every stage of the payments value chain, supporting merchants, PSPs, issuers and acquirers, processors and switch networks in the fight against fraud.
ReD is different. We are flexible and independent of any card scheme. We protect billions of transactions across multiple channels and payment types. Our proprietary technology is underpinned by world-class fraud and risk analysts and pooled data from more than 190 countries. Each customer receives a tailored, responsive and highly effective solution with day-to-day support from a dedicated, expert analyst.
ReD serves customers from multiple sectors and across six continents from offices in Australia, China, Dubai, South Africa, the United Kingdom and the United States, and through partners around the globe. For more information, visit http://www.redworldwide.com.
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PRISM is a registered trademark of ReD. All other trademarks belong to their respective companies.
Helen Owen, Expression Marketing Ltd, +44 1702 257167, [email protected]
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