Page 44 - Pay Magazine s2014

pay awards
the frAud fIghter
The organization or platform o ering the most e ective solution for payment fraud detection and prevention.
Geo-Protect
Global Cash Card
what it is: Built from the ground up to support the paycard environment, this fraud- ghting system includes geographical spending
zones and adapts based on individual card- holder behavior.
why it works: Uses machine learning to ad- just to usage trends of individual cardholders to spot suspicious activity. A proprietary mobile app enables cardholders to track where the card is geographically located. When a card-present transaction occurs,
it’s checked against the cardholder’s location. If not in the same location, the transaction
is blocked. The app also supports text alerts for suspected fraud.
why it matters: The worldwide cost of data breaches globally is expected to reach $2.1 trillion by 2019, according to Juniper Research.
differentiators: Research shows that standard fraud algorithms for other prepaid programs are not well-suited to paycards because spending patterns di er. This fraud-detection system was built speci cally for paycards
and includes three basic components: time- based geo block, where time and distance parameters are analyzed before authorizing transactions; spending zone that activates fraud alerts if a transaction occurs outside the cardholder’s normal geographic boundary; and spending radius that enables cardholders to set their own geographic boundaries.
what the judges said: It’s hard to argue with a 70 percent success rate at blocking fraud. Although these tools were developed speci - cally for the paycard sector, the combination of machine learning and a self-service mobile app could be a model for others in the ght against fraud.
Set of fraud-detection tools that combines machine learning and geographic parameters to ght payment fraud.
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wInners
OmniShield Assure
Vantiv
GPS Protect
Global Processing Services
payments technology
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