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MINTify Rule – the Innovation in Fraud Prevention

11-22-2011 06:18 AM CET | Business, Economy, Finances, Banking & Insurance

Press release from: PAYMINT AG

Co-operation between PAYMINT AG and Fraunhofer IAIS to introduce modern Fraud-Mining-Technology in Fraud Prevention

In the past two years PAYMINT AG has established itself as specialist in payments fraud prevention. Substantial savings have been achieved for our customers in particular through consultancy services among others by reducing the fraud write-offs. PAYMINT has developed the advanced fraud management solution MINTify, which allows identification and analysis of fraud risks as well as case management with one single solution. The system provides all necessary fraud ratios clearly arranged in the integrated Management Dashboard allowing efficient management of fraud prevention measures and control of service level agreements with processors.

The product will be enhanced by the MINTify rule module for automatic rule generation based on latest fraud-mining-technology. MINTify rule is a result of the co-operation between PAYMINT AG and Fraunhofer Institute for Intelligent Analysis and Information System IAIS with the purpose to create a most modern and highly efficient fraud-mining-technology.
Fraunhofer IAIS has developed in scientific projects an innovative fraud-mining-mechanism to search for new fraud scenarios and fraud pattern. On this basis, transparent and comprehensive rules to prevent these new patterns are created automatically.

One of the key advantages to many existing fraud detection and prevention systems is the simple deployment of MINTify rule as an add-on to any real-time system. All that is needed is an interface to the existing system for a fast and easy implementation of MINTify rule instead of an expensive and risky migration. Generated rules can also be applied as SQL queries by a near-real-time module in order to detect suspicious transactions. The complexity of the rules can be easily adapted to the corresponding monitoring system using flexible rule parameters. In addition, manual expert rules can be created to complete the automatic rule set.

PAYMINT provides a solution that combines the best of both worlds: Real-Time and Near-Real-Time Prevention. MINTify rule efficiently detects new fraud scenarios as well as new fraud patterns and delivers a complete and optimal set of fraud prevention rules to reduce fraud. Highly efficient fraud prevention with MINTify rule saves time and money and enhances the customer service through accurate decisions.

MINTify rule has been implemented at a leading European Payment Service Provider processing a portfolio of many million credit cards.

About PAYMINT AG
Since 2009 PAYMINT is developing innovative ideas transforming them into modern and agile software-solutions to fight fraud in card-based electronic payments. We offer business and technical support for the entire payment value chain – from transaction authorization to dispute management of credit and debit cards as well as online banking with a particular focus on fraud and risk management. Based on our extensive know-how and experience in payment systems we provide consultancy and training & coaching to our customers. Operational services and IT sourcing complement our end-to-end service portfolio.
The MINTify fraud management and fraud prevention solutions enable customers to effectively reduce fraud costs and prevent financial crime.

About Fraunhofer IAIS
By developing customized IT solutions, the Fraunhofer Institute for Intelligent Analysis and Information Systems IAIS supports organizations across the economic, industrial and public sectors in optimizing their products, services and processes. Furthermore, customers benefit from Fraunhofer IAIS systems for realizing intelligent information and knowledge management. The institute’s research and development activities focus on semantic analysis and targeted use of large data volumes, new media technologies as well as application solutions for innovative business and security processes. In order to support customers in their information management and decision-making processes, the Fraunhofer experts implement technologies in the fields of data mining, information extraction, and visualization, for example. With its workforce of nearly 260 employees, Fraunhofer IAIS combines the competences and scientific qualities of all engineering disciplines – especially informatics, and mathematics, natural sciences, business economics, geo and social sciences – with profound industry expertise.

PAYMINT AG
Friedrich-Ebert-Anlage 36
60325 Frankfurt am Main
Germany
www.paymint.com

PR contact: Phuong Dai Nestler
Phone: +49 69 244 333 301
Fax: +49 69 244 333 200
Email: Phuong.Dai.Nestler@paymint.com

Fraunhofer-Institute for Intelligent Analysis and Information Systems IAIS
Schloss Birlinghoven,
53757 Sankt Augustin
Germany
www.iais.fraunhofer.de

PR contact: Katrin Berkler
Phone: +49 2241 14-2252
Fax: +49 2241 14-2381
Email: katrin.berkler@iais.fraunhofer.de

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