Transaction monitoring and analytics company INETCO recently unveiled Insight 7, fraud detection technology for financial institutions and payment processors.
Insight 7 leverages payment data and machine learning algorithms to discern payment fraud in real time and reduce the number of false positives; keeping the bad guys out while allowing authentic consumers to proceed with their transactions. The new release’s fraud detection capabilities monitors for suspicious activity, including card present, card not present, and card reversal fraud; as well as provides transaction risk scoring, payment outlier detection, “man-in-the-middle” attacks, and more.
“Real-time transaction risk scoring on an individual customer basis is a game changing advancement from existing approaches that only rebuild customer models as part of a scheduled batch ETL (extract, transform and load) process,” said Ugan Naidoo, INETCO CTO. “The result is more precise risk scores for all types of card-present and card-not-present transactions, a streamlined escalation process and less customer friction.”
The real time nature of the technology is made possible through INETCO’s ability to view the entire path of a transaction. When malware or an ATM cash-out attack is detected, banks and payment processors will instantly know that the transaction has been tampered with.
INETCO is primarily distributing Insight 7 via partner sales. The company has strong relationships with NCR, Cognizant, and Fiserv, as well as global partners in Mexico, North Africa, and Eastern Europe.
The recent release builds on INETCO’s existing technology, including the ATM analytics technology the company demoed at FinovateEurope 2015. INETCO’s solutions, which are available in more than 50 countries, range from regulatory compliance to ATM monitoring to payment card analytics. Established in 1984, INETCO is a privately held company headquartered in Vancouver, Canada. Bijan Sanii is president and CEO.
