From the Experts
From the Security Experts
July 31, 2008
Adventity, FMT Worldwide Team to Fight Internet Transaction Fraud
SIP Trunking Report Contributing Editor
Adventity, a knowledge and business process outsourcing firm, and FMT Worldwide, provider of front-end Web application security and enhancement solutions, have come together to develop an end-to-end managed service solution to combat “card-not-present” fraud over the Internet.
According to APACS, a payments-related association in the U.K., card-not-present fraud losses increased by 37 percent in 2007 and accounted for more than half of the £535 million card fraud losses last year.
“Global payment and card associations are increasingly reporting that today’s solutions for combating card-not-present Internet transaction fraud are not up to industry expectations or needs,” said Vivek Arora, co-founder of Adventity. “This cost is now reaching alarming levels for companies in many industries like airlines and travel, which are already suffering from other major cost pressures such as fuel.”
The solution will combine Adventity’s leading analytics and process management capabilities with FMT Octopus, FMT’s front-end infrastructure layer plug-in that provides Web application security and enhancement. The managed service solution will adhere to global industry best practices including PCI compliance and dynamic, contextual multi-factor authentication.
Adventity’s comprehensive Risk & Fraud Management Analytics practice has worked with leading banks, card processors and financial institutions globally to provide quantitative risk solutions such as application, behavioral and collection scorecards for credit risk management, loss forecasting, risk-based pricing and fraud management.
Adventity will build business intelligence into FMT Octopus based on analysis of historical data of customer profiles, transaction behavior, and associated fraud and genuine transaction patterns. The combined fraud management offering will deliver real-time transaction monitoring and flagging, case management, fraud database management and champion-challenger models to continuously update business rules to combat ever evolving frauds.
FMT Octopus accesses real-time Internet data, examines transactions in context and applies risk models and risk aversion policies optimal for each transaction. This is done inline and without requiring any code integration with customers’ Web applications.
Niladri Sekhar Nath
is a contributing editor for TMCnet. To read more of Niladri’s articles, please visit his
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