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System for fraud prevention in the area of card business FraudGuard®

The biggest risks of the card business [1] (operations with the bank payment cards) are risks, connected with electronic nature of the operations/ transactions in the on-line mode. On the other hand, the cheaters are encouraged by the practical impunity, which is explained by both peculiarities of this business and lack of preventive measures for protecting e-business. That.s why banks have to take all responsibility for decrease of risk in the card business.

One of the instruments for decreasing card-business risks is providing the specialized monitoring systems that use "social engineering" and contemporary information technologies recommended by the International payment systems. For software system FraudGuard® there are effective criteria for defining suspicious and/or fraud transactions, based on recommendations of VISA International Risk Management.

Firstly, these methods of statistical analysis are based on the knowledge of fraudsters' behavior and on analyzing the well-known fraud technologies. These methods facilitate to predict possible massive fraud cases analyzing just 1-2 transactions and to undertake the precautions.

Secondly, immediate reaction to the events that are generated by the card transaction, for example, to call a client in order to check the transaction authorship, or check the message about the withdrawal of a round sum from the cash machine etc.

Thirdly, statistical processing of the transactions flow in order to reveal the regularities in cards, cash machines, terminals behavior based on certain parameters. Statistical processing is also assigned for defining and providing the limits in servicing cards/accounts.

The system FraudGuard® has been implemented in one of the biggest banks, and for 6 years of exploitation it has shown high efficiency. It has helped to save some significant amounts of money that are placed on the clients' card accounts. Efficiency and effectiveness of the system FraudGuard™ was verified and proved by the VISA International inspections in 2002-2003.


[1] For the last few years, with rapid development of the card business in Ukraine, the payment cards fraud technologies are developing extremely fast. According to the data provided by Visa International Inc., Ukraine is one of the leaders in terms of the bank payment card crime (in % from the turnover). For the last 3 years, Ukrainian banks have lost over $5 000 000 because of the card fraud.

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:: About | Products | Services | Publication | Analytics | Contacts |
:: e-Ukraine | "CESARIS" | CSP GOST 34.310 | the NBU format library | S/SMS | "FraudGuard" | Additional features | Examples | Questions (FAQ) |
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