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An update on SmartVista's Fraud Management Suite

Nadia Benaissa Apr 27, 2021 11:28:02 AM

As consumers are constantly turning to e-commerce, the amount of fraud in the ecosystem is also at its peak. Since the last few years, the world is currently standing at fraud losses worth $32.39 billion and moving forward to 2027, losses will amount to $40.62 billion. Due to the pandemic that is upon us, card not present frauds have also leveled up to 70% with 57% increase in account taking and opening frauds, whilst raising serious concerns moving forward.

In addition to the newer techniques of committing fraud due to the pandemic, even known frauds such as social engineering and fraud through digital banking platforms have intensified. All these years, the older generation had been targeted through fraudulent activities but recently, the probability of a youngster being trapped by a fraudster has increased by four times.

The SmartVista Fraud Management Solution covers real-time transaction monitoring and allows performing statistics profiling on any level – card, terminal, merchant or device. The analytics tool includes a robust business-driven rules engine for transaction scoring and applies machine learning techniques for fraud analytics and modelling. A dashboard gives an operator real-time insights into key statistics. When transactions are identified as fraudulent, the system operator can use the enterprise case management capability to handle fraud cases. SmartVista Fraud Management Solution supports alerts generation through multiple channels, including SMS or e-mail.

The following features are a sneak-peak into the progress of our SmartVista Fraud Management Solution suite:

Analytical Tools for Decision Making

Responding to the needs for better data analysis to identify fraud trends and create effective rules while optimising a bank’s fraud department operations, SmartVista Fraud Management Solution has been upgraded with better analytical performance. For these reasons, we have designed new analytical tools and made these entirely part of the SmartVista Fraud Management Solution. Now, fraud experts can configure widgets to display key business metrics from a user friendly dashboard, based on transactions processed and decisions made by operators during specific analysis and investigation of fraud cases.

Complex Integrations in Omni-channel Environment

When it comes to holistically protecting a financial institution and its customers and detecting potential fraud, it is necessary to integrate various bank channels and touch points. In some scenarios, the exchange of information such as alerts, risk objects and decisions are established with third party fraud management systems. For such cases, numerous interfaces and protocols are configured in UI:ISO-8583, Protobuf, HTTP/JSON, XML and Queues (IBM Rabbit). Providing omnichannel analytics, the SmartVista Fraud Management Solution works seamlessly with other systems. It pushes notifications to external systems, whilst processing external events.

Risk-Based Analysis for 3DS2

The SmartVista Fraud Management Solution can cover risk-based analysis for PSD2 and 3DS2. For these reasons, we have designed a solution that allows to assess and mitigate risks in e-commerce for ACS as well as payment gateways. The solution can interface with ACS for risk analysis of pre-authentication requests and a lightweight version of the SmartVista Fraud Management Solution known as GnomeFM for RBA, which can be delivered along with the ACS module.

Geographic Check-In Feature

With the SmartVista Fraud Management Solution, extracting the customer location i.e., their designated city and country through the IP address can help improve fraud analysis. A local database of geographic coordinates is uploaded to the SmartVista Fraud Management Solution using MaxMind which helps define the country and city based on their IP address. A new geographic check-in rule engine for calculating distance, time and velocity between two transactions based on coordinates has been added to the solution.

Technological Advancement

The SmartVista Fraud Management Solution is capable of improving the overall system performance by optimising key non-functional metrics. This was made possible, thanks to the general enhancement made to the UI performance of SmartVista Fraud Management Solution after migrating the solution to a new framework. With these performance metrics introduced for system monitoring, reduced CPU utilisation and improvised DB update were successfully achieved. To know more, get in touch with our experts now.