FRED® – Fraud Reduction Early Detection
FRED® is a self-optimizing machine-learning capability that provides fraud protection across all payment channels. FRED® helps Financial Institutions to apply a highly effective defense, in a rapidly changing technology landscape, against sophisticated fraud. With an advanced risk ranking algorithm, FRED® will transform unstructured data into useful intelligence that ensures accurate decision-making.
FRED® Addresses Several Common Industry Problems
- Challenges of buying, deploying, training, and managing separate technology platforms for different needs (e.g., products/instruments/portfolios including debit and credit cards, checks, ACH / Wire, etc.)
- Operational inefficiencies and declines in productivity
- Barriers to using state-of-the-art, data-driven decision-making systems using smart rules, ML and AI, in fully automated real-time response settings, or in conjunction with manual submissions guided by data insights
- Information silos that are disjointed and do not talk to each other; preventing a single version of information, either across the board, or in a single view of customers’ transactions across products/portfolios
- Lack of easy access to customer behavior with respect to the debit, credit, retail banking, as a means to identify emerging trends
- Built-in negative database and exception Card/Account management capabilities
- Advanced fraud detection rules, algorithms, and scoring models
- Screens cross-channel payment transactions: Debit card, Credit card, Internet banking, ATM transactions, ACH/Wire, and Mobile
- Risk scoring and risk ranking of transactions for quick review, as well as diligence on suspected transactions
- Dynamically configurable rules designed to reduce vendor dependencies
FRED® Key Features
- Cross Channel/Omni-channel Monitoring: FRED connects all the various products of the Financial Institution using a unique membership ID for each member/owner of the business and applies all the transactions data from these various sources to provide Cross Channel Fraud prevention on a single platform.
- Automated Decision-Making: Options include a real-time, fully automated decision capability (based on data-driven rules, scoring models, ML/AI algorithms) as well as manual case management.
- Dynamic & Multi-Tiered Rule Engine: FRED deploys a Scoring, Blocking, Bypass and Main Rule Engine, where data-driven rules, models, and algorithms are deployed. The rules can be changed in real time to properly address the dynamic nature of fraud. FRED comes with a comprehensive base set of rules which can be modified to meet the specific requirements of each Issuer.
- Add New Rules: This feature allows the Fraud Manager to add new rules, and also to bypass the time required to code and deploy new rules. By creating new rules on an immediate basis, FRED becomes much more effective in managing emerging fraud trends.
- Dynamic Decision Matrix: Decision Matrix provides FRED with an auto decision capability. The dynamic nature of the decision matrix allows it to be configured and reconfigured based on real time analysis & fraud trends.
- Automatic Email Alert: The system has the capability to send automated emails to key personnel at the Issuer side when a transaction is deemed suspicious. This feature allows the Issuer to take immediate, proactive steps to address potential fraud situations.
- Exportable Reports: The reports can be exported to various formats such as excel, pdf, WORD, etc.
FRED® Is a Smart Solution For Cross-Channel Fraud Mitigation
- Credit/Debit Cards
- Online Transfer
- ACH/ SDACH/Wire
- Mobile Banking