Stopping Identify Theft in Real Time

Development

The growing risk from identity theft and bank card fraud requires new approaches to protect consumers and businesses. We created a solution for Retail Decisions (ReD), a global leader in credit card fraud prevention and payment services, to dramatically reduce fraudulent activity while improving the customer experience for genuine transactions.

Share

Credit card fraud continues to increase and is predicted to cost more than $19 billion by 2018. ReD’s PRISM suite of products offers powerful transaction monitoring and risk management solutions for end clients. But due to increased sophistication by fraud criminals, ReD needed to enhance its technology with real-time artificial intelligence. ReD engaged DefinedLogic to define, architect and build the PRISM Real Time credit card fraud solution.

How fast is 250 milliseconds?

A dedicated team of Business Analysts, Information Architects, System Architects and Project Managers were brought in to “whiteboard” the solution with the client team. Within one month, DL was able to begin application development on a system that enabled decisioning for millions of transactions per day, at less than 250 milliseconds per transaction.

HP Partner of the Year

The PRISM Real Time application upgraded ReD’s product suite for monitoring and risk management — combining dynamic neural network technology, rules-based logic and intelligent data-mining for detection of fraudulent transactions. The solution dramatically reduced fraudulent activity for ReD clients, while controlling chargebacks and the ability to maximize genuine transactions. This application upgrade helped ReD win the 2012 HP AllianceONE Partner of the Year Award for Innovation.

ReD was acquired in 2014 by ACI Worldwide (NASDAQ: ACIW), a leading global provider of electronic payment and banking solutions, for $205 million.

Interested in Becoming a Client?

Related Content