Fraud prevention

Fraud monitoring & prevention

Managing fraud is essential in ensuring continuous customer trust in any payment solution. Consequently, both global card schemes, as well as the European banking authorities, require that both issuers and merchants take proactive actions to keep fraud rates as low as possible. You, as the issuer, need to acknowledge and recognise the fraud monitoring rules and requirements.

Fraud prevention is not only about complying with requirements. Trust and security are key drivers when customers choose their payment method. Effective fraud prevention will both protect you against financial losses and increase the usage of your payment method as you enjoy your customers’ trust that it is safe and secure to use their cards.

As part of our modular service, Enfuce delivers a 24/7 fully-managed fraud prevention service. Our goal is to reduce the volume of fraudulent transactions while ensuring a high level of usability and a frictionless user experience for both you and your customers. We ensure that the fraud monitoring process is handled efficiently and in a compliant way. Fraud prevention covers monitoring, taking action based on monitoring findings and reporting unusual and potentially fraudulent activity to you.

Fraud monitoring at Enfuce is done by utilizing a fraud detection and prevention software platform called ARIC, designed, and developed by Featurespace. The monitoring is based on specialist-defined rules aimed at identifying and flagging the most typical types of abnormal behaviour.

The expert rules within Enfuce are based on both industry best practice and specific customer portfolio analysis. Enfuce specialists continuously analyse customer portfolios for behavioural patterns, follow fraud trends and optimise expert rules accordingly. By continuously analysing and optimising the rules, we reduce the number of false positives (i.e., inaccurately blocked payment authorisations) and ensure the best possible customer experience.

The fully managed fraud prevention service also includes handling of Compromised Account Notifications from Card Schemes and Anti-Money Laundering (AML) related transaction monitoring.

Compromised account notification

Enfuce’s fraud prevention service includes information regarding possible account data compromise, i.e. card data that might have been compromised due to a possible data breach. To minimise fraudulent transaction risk, card numbers need to be replaced and the old card numbers need to be blocked. Enfuce is responsible for informing your customer service with details of a possibly compromised customer number, requests for card replacements, and informing cardholders.

Customers need to grant Enfuce access to the issuer’s bank identification numbers (BIN) in the card scheme portals and systems in order for Enfuce to manage and process fraud and risk monitoring-related tasks and alerts.