Fraud Transaction Monitoring

Going live with a card program requires a fraud monitoring solution with sophisticated detection models that query large sets of data over a period of time. Thredd's Fraud Transaction Monitoring (powered by Featurespace) is a best-in-class, flexible card fraud solution that minimises online and offline card risk and offers real-time detection of card fraud.

Using adaptive behavioural analytics and machine learning, Fraud Transaction Monitoring adapts to new fraud types and identifies unknown threats by detecting unexpected changes (anomalies) in real-time data. This improves transaction monitoring, identifies fraud and reduces the number of occurrences where legitimate transactions are flagged as suspicious, payments are stopped or accounts locked.

Features

Fraud Transaction Monitoring

  • Real-time monitoring — Covers both financial and non-financial events.

  • Industry accepted event formats — Card schema based on ISO 20022 messaging format standards.

  • Instant decisions and processing — Best-in-class analytical models manage complex fraud attacks in real-time (average of 30 milliseconds).

  • Prevent fraud — Mark an event as suspicious, highlight the event, send an email notification and block the card.

  • One integrated solution — Management console provides instant visibility through a clear colour-coded dashboard.

  • Adaptive rules engine — Award-winning machine learning identifies risk in real-time and automatically protects against evolving fraud threats.

Enhanced Fraud Transaction Monitoring

All of the above, plus:

  • Self-tuning models — Models automatically retune, eliminating the need for updates.

  • Adaptive behavioural analytics — Award-winning machine learning spots bad actors in real-time and automatically protects against evolving fraud threats.

Add-Ons

  • Sandbox replay — Author new rules and thresholds and test the impact of these changes against production data before going live.

  • Customer Fraud Alerts — when you decline a transaction or block a card, we’ll send an SMS to your customer.

    You an use the Thredd Event Delivery System to receive real-time Events and Fraud Alerts via webhooks, which you can send to your customers. For more information see the Cards API Website: Introduction to Webhooks.

  • Fully managed service option — to reduce operational overhead.

Setup Options

We offer a number of different service options for Fraud Transaction Monitoring. For more information, please discuss with your account manager.

Fraud Transaction Monitoring

Feature

Fraud Transaction Monitoring (FTM)

FTM + Sandbox replay + Customer Fraud Alerts

Fraud Transaction Monitoring Service

Real-time fraud detection

 √ √ √

Adaptive rules engine

 √ √ √

Sandbox replay

 x √ √

Customer Fraud Alerts

 x √ √

Managed service

 x x √

Enhanced Fraud Transaction Monitoring

Feature

Enhanced Fraud Transaction Monitoring (EFTM)

EFTM + Sandbox replay + Customer Fraud Alerts

Enhanced Fraud Transaction Monitoring Service

Real-time fraud detection

 √ √ √

Real-time risk-based scoring decisions

 √ √ √

Adaptive rules engine

 √ √ √

Adaptive behavioural analytics

 √ √ √

Self-tuning models

 √ √ √

Sandbox replay

 x √ √

Customer Fraud Alerts

 x √ √

Managed service

 x x √

For more information, see the Fraud Transaction Monitoring Guides.