News

Heartland to use Fractals to fight fraud

July 17, 2013

Payment processor Heartland Payment Systems Inc., a Fortune 1000 company, has chosen the Fractals fraud prevention and detection product from Alaric to monitor 300 million-plus card transactions that Heartland processes each month.

Fractals is an intelligent fraud detection and prevention framework suitable for card issuers, acquirers and payments processors, among others. When used "in-flight," Fractals can detect and stop illegal transactions before they are completed, Alaric said in a news release.

The Fractals Rules Engine allows fraud analysts to create and deploy fraud detection rules within minutes, delivering substantial reductions in fraud losses, Alaric said. The company added that its proprietary mathematical models incorporate self-learning capability, allowing the software to adapt to new fraud trends automatically.

"Heartland realized that it needed a fraud system it could depend on as its volumes grow," said Mike Alford, CEO at London-based Alaric. "Fraudsters are always adopting new methods to try to get past the technology, and Heartland knew that it had to be proactive in choosing a system that would help it stay ahead."

According to Georgia Stavrakis, director of loss prevention at Heartland, "Fractals was selected because of its strong analytics and modeling capabilities, the ease by which it could be integrated into the existing environment, and Alaric's expertise at delivering highly-effective fraud solutions."

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