Monitor Plus PMFD™

Payment Media Fraud Detector

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Fraud Prevention in

Payment Systems

Monitor Plus PMFD™ (Payment Media Fraud Detector - previously known as ACF+) is a comprehensive and smart solution that prevents fraud in payment systems (credit/debit cards, ATMs, digital wallets, etc.) This system enables control over all transactions, manages existing and emerging threats, reduces administrative costs, operates with low-friction to favor customer experience and does not have a fee for every transaction analyzed. It is useful for institutions that are issuers, acquirers, processors, or financial switches.

 

This model provides protection against external and internal fraud, as well as card present and non-present transactions, and is able to stop fraud at the first occurrence; it also detects known fraud patterns, probable points of compromise and their windows, cards that are probably compromised, employees that seek opportunities or perform preparatory activities to commit fraud (ex. Alterations to key information). This model runs online (in near or real-time) with a high level of detection, low level of alert volume and false positives, and is able to execute automatic defensive actions (ex. blocking a customer’s product).

 

This system analyzes multiple risk factos (speed controls, frequencies, schedules, etc.) and profiles devices from where the transaction occurs to protect acquirer networks and their merchants. It also analyzes communication routes in online purchases (IP, ISP, access routes, TOR networks, etc.)

Real Time

Monitor Plus Real Time™  is a solution that enables Monitor Plus PMFD™ to send a risk score to the transactional authorizer in thousands of a second to recommend the authorization/rejection of a transaction. Monitor Plus Real Time™ helps effectively prevent loss from fraud from the first transaction and fulfills optimal response times for authorization. 

 

This solution includes customer notifications and immediate follow-up to ensure quality service in case of those transactions that are rejected due to high risk. These notifications may be delivered electronically or through direct human interaction. It includes a wide array of alternate confirmation methods so that the customer may authenticate their identity and the transaction. 

 

Additionally, the real time functionality includes the possibility of applying dynamic security codes on card not present transactions. This feature allows the user to enter a single-use security code through a mobile app. This method prevents using the code printed on the card to reduce fraud risk. In the case of operations that require a validation process, this code may be replaced by a token or virtual card number to complete the transaction. 

Improved Customer Experience

Monitor Plus MyCard™  is an additional functionality that may be acquired to empower the customer/end user with advanced control over their payment system so that they may decide the types of operations that can be performed and/or their limits. This allows the owner to enable/disable channels, types of transaction or products, or define limits, online and from the convenience of their smart device. Additionally, this system can provide dynamic security codes for online purchases to drastically reduce fraud risk in card not present transactions. 

 

For example, this tool allows the user to: enable withdrawals and local purchases with a card, and disable  international or transactions abroad. They may also completely activate/deactivate their product and only use when needed. This function is highly useful for corporate accounts. 

Timely Defense

Monitor Plus PMFD™ (Payment Media Fraud Detector) can execute multiple simultaneous actions based on its findings, for example:

 

  • Denying transactions in real-time.

  • Bi-directional communication with end user (SMS, email, Telegram, WhatsApp, Facebook, push notifications, etc.) to authorize/reject transactions in real time.

  • Staff alert delivery through multiple means (Alert Viewer, Monitor Plus® mobile app, SMS, WhatsApp, email, etc.)

  • Automatic preventive blocks/unblocks or modifying daily or transactional limits by user/merchant. It also allows denying transactions in case of fraud attacks originating in different channels, countries, locations, merchants, BINs, etc.

 

All alerts can be delivered to users, user groups, investigative work queues, persons in specific jobs, or various recipients.  These can be customized and adapted to the institution’s organizational structure. 

Simulator & Neural Networks

Monitor Plus Optimizer™ may be acquired additionally as a solution to tune the detection level and reduce false positive levels and, as a result, decrease alert volume to reduce analysts’ workload. This tool has two components:

Simulator

 

This tool tunes the detection model ant its false positive levels through a simulation environment (without affecting the productive environment). Additionally, it allows different teams to user information from Monitor Plus® data bases without leaving its secure environment so that the user may:

 

  • Evaluate model detection and false positive levels, and each of the detection technologies. 

  • Identity the technologies or controls that negatively affect the detection or false positive levels. 

  • Apply and document changes made to the model during simulation.

  • Simulate a productive environment to verify the effectiveness of changes made

Neural Networks

 

This system applies neural networks to strengthen the detection model by using them as another detection technology, as well as a tool to adjust dynamic scoring values. Their functions are:

 

  • Performing adjustments to the detection model by modifying grouping fields and content in neural network entry nodes. 

  • Training the detection model and enabling the system to learn from historical data sets and calculate network weights. 

  • Verify network weights and perform a simulation to measure effectiveness and model false positives.

Exploit Your Data

The Monitor Plus Analytics™ submodule may be acquired additionally. This is an information management system that provides customized consultations and managerial reports. This tool enables a quick and effective visual data analysis to optimize decision-making on accurate data.

This system can be used as a basis to analyze system or team performance through various consultations (as per requirement). For example:

Alert Viewer

  • Alert distribution

  • Exposed funds by customer

  • Exposed funds by merchant

  • Alert viewer

  • Summary of alerts in Viewer

Investigation Case Closings

 

  • Transactions by type of result and country

  • Alerts by score

  • Dynamic fraud analysis

  • Fraud projections

  • Fraud details

  • Fraud matrix analysis

  • Management analysis

  • Management analysis by region

Case Follow-Up

 

  • Cases generated for workflow.

  • Case evolution by PPC’s

  • Top N cards with follow-up cases.

  • Cases by type and user.

This tool is accessible through smart devices and allows the user to define a friendly presentation format for data, easily grouping different criteria to combine multiple data sources in a single view.