Security of payments and card transactions
In response to the globally growing digital fraud, BORICA AD offers a payment fraud monitoring and prevention system based on the world leader in anti-fraud solutions - the IBM Safer Payments platform. The solution enables financial institutions to perform monitoring and prevention not only for transactions with payment cards, but also in the field of instant payments, as well as in any other type of payments initiated through digital channels (internet and mobile banking). Safer Payments makes the process of tracking, detecting and preventing fraud in electronic payments as efficient as possible.
The anti-fraud solution is offered to financial institutions as a service (SaaS), which makes it extremely convenient and adaptable to customer requirements, thus requiring no additional investment in hardware, software and subsequent support. It is based on rules and classes used to identify transactions meeting specific, predefined criteria. The main advantages of the platform are related to the ability to perform behavioral analysis, profiling, risk assessment, including through AI (Artificial Intelligence) and machine learning.
Features of the Safer Payments platform and benefits for financial institutions and system users:
- Analysis and prevention – the platform provides potential to detect and prevent fraud by analyzing transaction flows and intercepting high-risk ones. The monitoring, as well as the ability to carry out detailed analysis, allow creation of various precise combinations of predefined criteria/rules for subsequent prevention, aimed at reducing not only losses from fraudulent transactions, but also so called false positive rate levels
- User profiling – the activity of each user on the platform (cardholder, payer or beneficiary) enables tracking and creating a behavioral profile that allows to easily identify the presence of a recurring fraudulent pattern
- Cases generation – the system offers clients an option for automatic generation of cases as a result of the rules hit by the transactions
- Bank Call Center – as part of the monitoring and prevention service, BORICA supports a Bank Call Center that performs 24/7 monitoring of transactions in order to prevent BIN attacks
- User access – the platform supports the feature the employees of financial institutions to have different roles and levels of access, depending on the specific needs and requirements
- Security and compliance – being part of BORICA's infrastructure, the system meets all requirements and standards for security and compliance applicable to the activity, including PCI DSS
