CardWorld FraudTRAP is a real-time monitoring system that enables the bank to identify and prevent fraudulent activity on bank-issued cards. The solution uses a sophisticated rules engine that will STOP a fraudulent transaction BEFORE it gets authorized by your own card management system protecting your users from fraudsters that are working hard to defraud your customers today.
CardWorld Fraudtrap allows your bank to decline suspected fraudulent transactions and amend the card status to ensure that any fraud attempted in the future is dealt with immediately. A sophisticated set of rules is used to detect and prevent fraud at the earliest possible moment.
The bank can define rules which go beyond individual transactions and check for fraudulent activity in more sophisticated transaction patterns. For example, a bank can define one rule checking for card usage within 3 different countries, and a second rule checking for multiple high-value transactions in a given period. Rule scores are combined to calculate the final risk score.
Main features include:
Real-time Prevention : Decline transaction, card status, notify status
Sample Rules available out of the box based on Visa Issuer Monitoring Transaction Standards (CEMEA).
Simulation Mode to test the rules
CardWorld FraudTRAP is fully integrated with CR2’s card management system; it can also work with transactional data from other 3rd party card systems.