IBM Safer Payments

What Is Safer Payments?

 

IBM Safer Payments is a powerful profiling engine that help detect payments fraud using the transactional and behavioral history that you already collect.

Safer Payments uses a unique cognitive computing approach that helps you adapt faster to changing threats – dramatically minimizing the time it takes to test and deploy new profiles, rule, and models.

Safer Payments provides complete transparency of the profiling rules which makes it possible for analysts to quickly define new threats and immunize your operations.

What Does IBM Safer Payments Do?

IBM Safer Payments is a powerful profiling engine that help detect payments fraud using the transactional and behavioral history that you already collect.

Safer payments compares incoming transactions to historical data/behavior to help detect fraud in real time.  Profiling methods include:

  • Counters: How many times was this card used in the past 24 hours?  Are the amounts withdrawn in line with what we’d expect from this customer?
  • Patterns: Are there specific sequences of transactions that indicate fraud?
  • Calendar Profiles: Does transaction volume increase/decrease during certain periods?
  • Collusion Profiles: Identify common points of purchase among multiple cards that have been compromised.
  • Custom Rules: Your analysts can quickly create rules to detect fraudulent behavior that’s unique to your organization, service offering, or geography.

Who Can Benefit from IBM Safer Payments?

Omni Channel Banking Banks are offering an ever-wider variety of services – and are struggling to synchronize risk and fraud
Credit & Debit Card Issuers Card issuers must balance the obligation to provide rapid service with the need to fight fraud.  Safer Payments combines a high fraud detection rate with very low false positives.
POS Acquirers Safer payments provides tight merchant control with the ability to intercept “bad merchant” transactions in real time.  Merchant compliance reporting and investigation workflows are also provided.
ATM Acquirers Machine events and other non-financial information can be compared to transactional and behavioral information to detect ATM channel specific fraud such as gas attacks, transaction tsunamis, skimmer installation, transaction reversals, and card/cash trapping.
eCommerce Acquirers Safer Payments makes it possible for eCommerce Acquirers to allow merchants to define their own appetite for risk.  Since eCommerce transactions are largely “card-not-present”, a merchant delivering high-value goods/services can define more stringent criteria for accepting a transaction.  Safer Payments can also ensure scheme compliance and protect the acquirer from merchant defaults by implementing risk controls.
Online & Mobile Banking Mobile banking services must provide rapid service while protecting customers from phishing, malware, and other cybercrimes.  Safer Payments works in the background – never disturbing the customer or adding additional security steps – to protect transactions.  Step-up authentication only occurs for high-risk transactions.
ACH & Wire Transfers Safer Payments helps financial institutions detect sophisticated ACH fraud attacks in which large amounts of money are structured and “smurfed” through the system using multiple small-amount transactions.  Safer Payments helps organizations securely detect these schemes, block associated transactions, and restore the true flow of money.
Alternative Payment Applications Many “cardless” payment solutions have been developed and are currently in use.  Safer Payments can help operators of these systems maintain the integrity of their services as they grow and evolve.

How Can Alpine Help?

Alpine Consulting is a Premier IBM Business partner with consulting resources certified to implement the IBM Safer Payments platform.

Implementing Safer Payments requires in-depth knowledge of the client’s business, business objectives, and technical infrastructure.  Alpine works with the client to clearly define the business objectives, demonstrate the value of the Safer Payments platform against these objectives, and implement the solution.

Our Safer Payments consulting team consists of seasoned analysts and technologists with many years of experience fighting fraud and financial crime.  We understand your challenges and we look forward to speaking with you about Safer Payments.

Contact Alpine