LONDON | ReD launches a new service called ReD Alerts, designed to make global fraud intelligence and analytics available to all online merchants. The powerful new ReD Alerts service provides merchants an intelligent fraud detection tool driven by timely analysis of payment and fraud data and easy-to-understand presentation of fraud and patterns. The service is available to merchants and Payment Service Providers of all sizes and in all sectors and is being offered independently of ReD’s other fraud prevention and payments solutions.
Working with online merchants, issuers and acquirers around the world, ReD gathers a wealth of information on fraudulent and suspicious transactions. This includes location data, blacklists, device information, verification data, merchant and issuer decisions, chargeback information - all gathered and held at transaction level, in a single data warehouse, in near-real-time. ReD Alerts is a multi-part service enabling merchants to benefit from this fraud intelligence in a number of different ways.
ReD Alerts Features
First, online merchants can forward their transaction data for screening against ReD’s global negative database, to identify any matches. The data dip is fully automated to deliver a rapid uplift in fraud detection. The second element of the service provides an additional level of control, enabling ReD to re-screen a merchant’s live orders against newly received fraud intelligence and return transactions now considered to be ‘at risk’ to the merchant, for further review and proactive action. The third component of the ReD Alerts service – use of the ReDi Business Intelligence portal – gives merchants the opportunity to manage and interrogate their data using fast, intuitive navigation and drilldowns.
'Timely intelligence is key for right defence'
Jackie Barwell, Head of Products at ReD, explains: “Timely intelligence about newly emerging frauds is the key to an effective defence. This intelligence powers an informed approach to fraud detection and prevention, enabling merchants to take rapid action to stop delivery of orders for ‘at risk’ transactions, to reduce chargeback costs and adapt fraud rules in light of new information. The new ReD Alerts service offers all merchants, whether or not they are ReD customers today, the opportunity to benefit from our global negative data to improve fraud detection and take fast, proactive action to beat the fraudsters."
ReD is a world leader in fraud prevention and payment services. Our solutions are present at every stage of the payments value chain, supporting merchants, PSPs, issuers and acquirers, processors and switch networks in the fight against fraud. ReD serves customers from multiple sectors and across six continents from offices in Australia, China, Dubai, South Africa, the United Kingdom and the United States, and through partners around the globe. For more information, visit www.redworldwide.com.
Sourced from ReD, April 2nd, 2014