A large and successful convenience store (c-store) chain shares how it combats fraud. “There are some very unintelligent criminals that target our stores… there are the smart ones too, and we put a lot of work into minimizing their impact on our business. But we do seem to have a higher than average proportion of really foolish fraud attempts. For example
AdsCash Coin: Ethereum Smart Contract based Cryptocurrency for AdWorldNigel Mark Dias
AdsCash is a multifunctional, next-generation cryptocurrency and trading
platform developed on Ethereum blockchain, using cutting edge smart contract
technology. AdsCash is a decentralized peer-to- peer cryptocurrency with a
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advertising industry to allow owners of the currency to pay for product and
services with zero chargebacks and freedom from dealing traditional financial
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With credit card fraud dramatically on the rise, particularly in the form of card-not-present (CNP) fraud across Internet and Mail Order/Telephone Order (MOTO) channels, it is important for private label issuers to understand the depth of this problem and how it affects their merchant portfolio and their ability to accept private label cards. Private label cards were often considered to be “low risk”, relative to traditional bank cards, but our current analysis has shown the contrary: fraudsters are increasingly using private label cards as the payment instrument in CNP channels and merchants are at great risk if specific strategies are not put in place to stop it.
FraudDECK includes pre-packaged business workflows for transaction surveillance across ATM & POS channels. It can be extended to facilitate surveillance of fraudulent transactions on other channels like mobile banking or payment transactions like Wire fraud or AML. For more information please visit: http://www.esq.com/transaction-surveillance/
AdsCash Coin: Ethereum Smart Contract based Cryptocurrency for AdWorldNigel Mark Dias
AdsCash is a multifunctional, next-generation cryptocurrency and trading
platform developed on Ethereum blockchain, using cutting edge smart contract
technology. AdsCash is a decentralized peer-to- peer cryptocurrency with a
primary focus on transparency , compliance and security. AdsCash will become the
first stable digital currency exclusively designed and marketed towards the
advertising industry to allow owners of the currency to pay for product and
services with zero chargebacks and freedom from dealing traditional financial
institutions.
Understanding the Card Fraud Lifecycle : A Guide For Private Label IssuersChristopher Uriarte
With credit card fraud dramatically on the rise, particularly in the form of card-not-present (CNP) fraud across Internet and Mail Order/Telephone Order (MOTO) channels, it is important for private label issuers to understand the depth of this problem and how it affects their merchant portfolio and their ability to accept private label cards. Private label cards were often considered to be “low risk”, relative to traditional bank cards, but our current analysis has shown the contrary: fraudsters are increasingly using private label cards as the payment instrument in CNP channels and merchants are at great risk if specific strategies are not put in place to stop it.
FraudDECK includes pre-packaged business workflows for transaction surveillance across ATM & POS channels. It can be extended to facilitate surveillance of fraudulent transactions on other channels like mobile banking or payment transactions like Wire fraud or AML. For more information please visit: http://www.esq.com/transaction-surveillance/
Discover why accepting contactless payments can boost your small business, increase your customers, their average spend and isn't as expensive as you might think. This free guide has all you need to know about the fast emerging technology of contactless card payment.
The credit card has become the most popular mode of payment for both online as well as
regular purchase, in cases of fraud associated with it are also rising. Credit card frauds are increasing
day by day regardless of the various techniques developed for its detection. Fraudsters are so expert that
they generate new ways for committing fraudulent transactions each day which demands constant
innovation for its detection techniques. Most of the techniques based on Artificial Intelligence, Fuzzy
logic, neural network, logistic regression, naïve Bayesian, Machine learning, Sequence Alignment,
decision tree, Bayesian network, meta learning, Genetic Programming etc., these are evolved in
detecting various credit card fraudulent transactions. This paper presents a survey of various techniques
used in credit card fraud detection mechanisms.
SPA Presentation at Cartes America
Contactless Card Shipments Break all Records as
Consumers Adopt New Ways to Pay
• Contactless technology was present on 23 percent of all payment cards shipped worldwide in 2012
• Contactless growth in Western Europe and Asia exceeded 100 percent
• More than 220 million contactless cards were delivered by Smart Payment Association (SPA) members in 2012
• SPA believes the harmonization of ISO, SEPA and EMVCo standards will ensure the global interoperability of new NFC contactless services for consumers.
23rd April 2013
Presentación de Amieto Montinari, de ChasePaymentech para el I Foro de Medios de Pago y Fraude Online organizado por adigital. (Madrid, 20 de diciembre de 2012).
In this document, we discuss the cryptographic and security requirements of a government-run Internet gaming system (called a "casino."). Internet casinos and gambling have become big business in the last couple of years. By setting up casinos on the Internet, casino operators get very low operating costs, and get to set up their casinos in a lax regulatory environment. Many customers connect to these casinos from places where gambling is illegal, or where casinos are set up only by a small number of favored operators.
The Cash-n-Go financial kiosk for your casino.John Fichera
A completely automated kiosk-based loan processing and repayment solution.
This model provides loans for bankable customers looking for the convenience of cash without utilizing their ATM or credit cards. Customers can repay their loans directly on the kiosk, through a web portal or mobile app. Data is rock-solid secure, with PCI compliant certification at it's core.
Tactics, plans and the whole meaning of fraud is evolving from day to day. Controlling and improving the processes is one of the steps in the fight against fraud. But what is the key to be effective against fraud in the payment industry?
We all know that fraud and chargebacks are harmful. But do you know how fraud and chargeback prevention works? How can you fight them effectively? Find all the answers in our complete guide to chargeback prevention - https://goo.gl/zR5L7g
Start accepting payments on your website →→→ https://bit.ly/2xIN1Oj
Discover why accepting contactless payments can boost your small business, increase your customers, their average spend and isn't as expensive as you might think. This free guide has all you need to know about the fast emerging technology of contactless card payment.
The credit card has become the most popular mode of payment for both online as well as
regular purchase, in cases of fraud associated with it are also rising. Credit card frauds are increasing
day by day regardless of the various techniques developed for its detection. Fraudsters are so expert that
they generate new ways for committing fraudulent transactions each day which demands constant
innovation for its detection techniques. Most of the techniques based on Artificial Intelligence, Fuzzy
logic, neural network, logistic regression, naïve Bayesian, Machine learning, Sequence Alignment,
decision tree, Bayesian network, meta learning, Genetic Programming etc., these are evolved in
detecting various credit card fraudulent transactions. This paper presents a survey of various techniques
used in credit card fraud detection mechanisms.
SPA Presentation at Cartes America
Contactless Card Shipments Break all Records as
Consumers Adopt New Ways to Pay
• Contactless technology was present on 23 percent of all payment cards shipped worldwide in 2012
• Contactless growth in Western Europe and Asia exceeded 100 percent
• More than 220 million contactless cards were delivered by Smart Payment Association (SPA) members in 2012
• SPA believes the harmonization of ISO, SEPA and EMVCo standards will ensure the global interoperability of new NFC contactless services for consumers.
23rd April 2013
Presentación de Amieto Montinari, de ChasePaymentech para el I Foro de Medios de Pago y Fraude Online organizado por adigital. (Madrid, 20 de diciembre de 2012).
In this document, we discuss the cryptographic and security requirements of a government-run Internet gaming system (called a "casino."). Internet casinos and gambling have become big business in the last couple of years. By setting up casinos on the Internet, casino operators get very low operating costs, and get to set up their casinos in a lax regulatory environment. Many customers connect to these casinos from places where gambling is illegal, or where casinos are set up only by a small number of favored operators.
The Cash-n-Go financial kiosk for your casino.John Fichera
A completely automated kiosk-based loan processing and repayment solution.
This model provides loans for bankable customers looking for the convenience of cash without utilizing their ATM or credit cards. Customers can repay their loans directly on the kiosk, through a web portal or mobile app. Data is rock-solid secure, with PCI compliant certification at it's core.
Tactics, plans and the whole meaning of fraud is evolving from day to day. Controlling and improving the processes is one of the steps in the fight against fraud. But what is the key to be effective against fraud in the payment industry?
We all know that fraud and chargebacks are harmful. But do you know how fraud and chargeback prevention works? How can you fight them effectively? Find all the answers in our complete guide to chargeback prevention - https://goo.gl/zR5L7g
Start accepting payments on your website →→→ https://bit.ly/2xIN1Oj
Looking for the top tools to fight chargebacks? Here is the first part of an extensive list of software you can use to prevent the chargebacks - https://goo.gl/e1MrA9
Start accepting payments on your website →→→ https://bit.ly/2xIN1Oj
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Fraud Detector is a standard, easy-to-customize, Harmony solution that uses business rules and expressions to detect suspicious transactions.
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Our latest research reveals that merchants and card issuers should take a layered approach to mitigating risk, by working with consumers to improve fraud detection and prevention.
Identify the risk management for merchants in payments processing 2024itio Innovex Pvt Ltv
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The US House of Representatives is deeply concerned by ongoing and pervasive acts of antisemitic
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Read| The latest issue of The Challenger is here! We are thrilled to announce that our school paper has qualified for the NATIONAL SCHOOLS PRESS CONFERENCE (NSPC) 2024. Thank you for your unwavering support and trust. Dive into the stories that made us stand out!
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Artificial Intelligence (AI) technologies such as Generative AI, Image Generators and Large Language Models have had a dramatic impact on teaching, learning and assessment over the past 18 months. The most immediate threat AI posed was to Academic Integrity with Higher Education Institutes (HEIs) focusing their efforts on combating the use of GenAI in assessment. Guidelines were developed for staff and students, policies put in place too. Innovative educators have forged paths in the use of Generative AI for teaching, learning and assessments leading to pockets of transformation springing up across HEIs, often with little or no top-down guidance, support or direction.
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Retail fraud case study
1. THOUGHT LEADERSHIP
Merchant retail and
ACI Proactive Risk
Manager™: Pumping
up fraud management
An ACI Worldwide case study
It has long been recognized that petrol pumps and
convenience stores are seen as a quick and easy target
by fraudsters. There are certain fraud types that are
unique to gas stations and small-item retailers that
can cause a massive hit to the bottom line. However,
there are certain types of fraudsters that target these
kinds of stores.
1
2. ACI Proactive Risk Manager™ has the features we need:
a flexible rules engine that we can use to create specific
fraud strategies and generate appropriate alerts.
In an effort to remain anonymous to maintain an edge Thus, the chain needed a flexible and accurate fraud
over fraudsters, a large and successful convenience store detection system that could handle the particular
(c-store) chain shares how it combats fraud. “There are challenges of its environment, without alienating
some very unintelligent criminals that target our stores… valuable legitimate customers. Following an extensive
there are the smart ones too, and we put a lot of work request for proposal (RFP) process, ACI Worldwide’s ACI
into minimizing their impact on our business. But we do Proactive Risk Manager™ was selected as the solution.
seem to have a higher than average proportion of really
foolish fraud attempts. For example, we had an individual Cigarettes and stopping prepaid fraud at the pump
who tried to pay with a counterfeit card with a policeman “Proactive Risk Manager has the features we need: a
standing in the queue behind him. Or the fraudsters who flexible rules engine that we can use to create specific
use a fake credit card but use a loyalty card in their own fraud strategies and generate appropriate alerts. What
name to boost their points and rewards. They provide our struck us immediately was the interaction with our
fraud team with some light entertainment.” payment authorization stream in both near and real
time. That’s critical for pay-at-the-pump fraud, when
Targeting fraudsters – not customers we need to make authorization decisions while the
The unintelligent criminals are the ones that are easy to transaction is taking place.”
catch. But more serious and careful fraudsters also have
had this c-store chain and all of its locations in their sights; The first rule that was put in place was to counter
and their activities are far less entertaining. pay-at-the-pump fraud. The typical pattern with this
kind of fraud is to use a fake card for a rapid succession
“Fraud is rampant in our world. If we’re not careful of transactions to make the most from the card before
we become a lifestyle choice for all kinds of low-level the fraud is spotted and the card blocked.
criminals – and recidivism rates are pretty high. Pay-at-
the-pump fraud is acknowledged to be a huge industry “We have tweaked that rule over the past few years,
problem. Fraudsters see it as easy – they use a fake card but the basic principle has remained the same and it has
with no face-to-face contact at the pump, and once they proved to be very successful. It operates in real time and
know that it works they go inside and spend more, and it has virtually eliminated pay-at-the-pump fraud.”
then drive off on an illegally filled tank of gas. When you
add prepaid cards – which we also offer – to the mix, then With Proactive Risk Manager in place, this customer
the problems just get magnified. So we put a great deal of has been able to create a flexible scheme of real-time
effort and energy into identifying and preventing fraud and near-real-time rules. Other rules ensure that neither
in the first place and we work with state and federal law the company’s proprietary prepaid cards nor industry
enforcement to catch and jail the criminals involved.” standard prepaid cards can be bought in bulk. “That’s
also a very important strategy for us. It’s the second
Throughout the process of selecting and implementing biggest area of fraud: using a fake card to buy a prepaid
a fraud solution, the retailer had multiple factors to card, load up with cartons of cigarettes or other items
consider. “We want to discourage the criminal gangs that are easy to move on, and then sell those stolen
from targeting our stores while ensuring our corporate goods at a profit. It’s also hard to stop without affecting
customers, haulers, and teamsters are able to use our legitimate business, so we combine the rules in Proactive
stations without interruption.” Risk Manager with some behavioral analysis to assess
and let through what is appropriate, and to identify
and block something that looks more problematic.”
2
3. Real-time and near-real-time rules
The c-store chain has also created rules that ensure that
a card’s details can only be entered manually for a certain
amount of time to ensure that anyone who has lost a card
– or had it stolen – has to get a new card. If the old one
is used then it is tagged as fraudulent.
Proactive Risk Manager helps the fraud prevention team
flag known corporate customers who have prepaid fuel
cards from their employers – and ensure that these
customers can make their purchases as normal. It flags
multiple uses of one card between certain times of
the day. For example, an analysis of the company’s
data stored in Proactive Risk Manager indicates that
this is a strong marker of fraud. If cards are used at the
pump, shortly followed by purchases in the store, the
transaction is flagged for further examination. “We don’t
want to stop people buying a can of soda on a whim, but
we do want to stop people from using the pump to check
a fake card, then attempt to use that card in our stores.”
The company is also able to spot when someone is
making multiple denied transactions in a short span of
time. “That’s usually a sign that cards are being tested,
so it alerts us to that individual and prompts a search for
cards in their name that have had approval. That’s one of
the beauties of Proactive Risk Manager: whenever we
have an alert created by one of our near-real time rules it
gives us the opportunity to gather information about the
card user. We can send the closed-circuit TV footage to
law enforcement to help identify fraudsters. And even if
we don’t prevent a fraud, we can identify the card quickly
and block it to prevent the next attack.”
Proactive Risk Manager is a key part of the fraud combat
team, largely because of its flexibility, and because it
doesn’t require a huge team of specially trained fraud
analysts to operate it. “Proactive Risk Manager is in the
authorization path and we get alerts all day long. We
have full time fraud analysts that take care of the highest
risks in real time and have greater levels of manual input
on the greyer areas. It’s a constant battle, but it is one
that we are winning.”
3