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MasterCard launches two fraud-detection systems
DUBAI MasterCard International has launched two fraud-detection systems, Riskfinder and Aristion in the Middle East and North Africa region, which has been adopted by Lebanon Gulf Bank.
Henri Schomper, director, security and risk management, MasterCard International Middle East and North Africa said: "MasterCard developed these unique solutions to provide its member financial institutions another tool to combat fraud on payment card transactions and, therefore, to give greater peace of mind to both merchants and cardholders."
Riskfinder uses neural network technology to evaluate transactions to identify possible fraudulent card use. This unique form of intelligent software uses statistical modelling to evaluate historical financial transaction data to identify likely fraudulent activity on an account. This software is more effective than others because it detects both linear and interactive, nonlinear relationships.
"Lebanon Gulf Bank has shown its commitment to fighting payment card fraud. The system does not require a large financial outlay, so is very affordable for our members," Schomper added.
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