Online fraud blocker launched
AsiaPay is rolling out a real-time comprehensive fraud monitoring and control management system that can help detect and prevent fraud against online retailers.
ePayAlert enables banks, payment service providers, airlines, hotels, and merchants to optimise their fraud management operations effectively and help minimise financial losses.
The system fully processes and checks online payment transactions using dynamic rules with real-time fraud reporting and alert support.
Fraudulent credit card transactions have become a significant source of income loss to online businesses and with online spending on the rise, is only likely to continue to increase.
“In today’s online retail environment, it’s imperative that businesses put into place user-friendly tools to effectively identify and mitigate online fraud to help protect both consumers and the organisation’s reputation, and such protection can also be extended to the mobile payment environment,” said Joseph Chan, CEO of AsiaPay.
“To address this need, we’re introducing a comprehensive online fraud solution and service which provides risk managers and analysts the ability to customise their own risk parameters, extend risk alerts via email or SMS, and download detailed reports and statistics with additional in-depth analysis thereby, allowing them to focus their attention on fraudulent transactions while fast-tracking valid orders through fulfilment.”
ePayAlert is being offered either as an online service, white-labelled hosted service, or as a total solution license model.
Among other features, it assesses customer information gathered against pre-determined rules, verifies payment information against a blacklist database, cross-examines different geographical data identified in the transaction, tests the velocity of the related data item in the transaction, validates limit control at bank/merchant level across different time periods and applies real-time scoring of payment transaction with customisable rules and weights.