This offering complies with the BSP MORB 803 National Retail Payment System (NRPS) Section a-4 conforming to the Sec 701 The IT Risk Management Standards and Guidelines on Electronic Banking, Electronic Payments. Electronic Money and other electronic products and services provided in Appendix 79. Further compliance includes BSP Circular 1140 Series of 2022 Section (d) “Implement automated and real-time fraud monitoring and detection systems to identify and block suspicious or fraudulent online transactions. The expected sophistication and capabilities of BSFIs' fraud monitoring systems (FMS) should be commensurate with the risks associated with their digital financial and payment platforms. As fraud and cyber threats evolve, the FMS should be constantly calibrated to be able to process surges in transactions, collectively analyze customer profiles/behavior, and detect new fraud patterns. To ensure robustness and effectiveness in early detection and prevention of fraudulent and suspicious activities, it is optimal that the FMS is able to collect, monitor, and analyze transactions from all channels. Moreover, the FMS and AML systems should be linked or integrated to have a cohesive and comprehensive financial crime prevention system in accordance with Section 8O3/8OI -Q/501 -S/4Ol – P/5O2-N.”
PROVIDER can provide a real-time fraud detection system (hereinafter referred to as the “Fraud Detection System”) to PARTNER through a simple enterprise-wide view of all Transactions, and by taking an intelligent and layered approach to detecting fraud. The Fraud Detection System enables PARTNER to quickly uncover issues which saves time for PARTNER’s operations team. The broad scope of the Fraud Detection System covers the following:
● Detecting fraud across multiple online, mobile and network channels and segments using layered controls with dynamic authentication, navigation and device analysis integrated into real-time fraud detection rules; and,
● Detecting fraud with real-time alert configuration at the point of decision, enabling the approval, holding or denial of the Transaction at the speed of real-time payments.
The Fraud Detection System that PROVIDER can provide to PARTNER uses layered controls for accuracy. To enhance the Fraud Detection System, PROVIDER employs a layered control environment designed to follow Transactions dynamically, from login, through the channel gateway, at all points during the Transaction, and beyond, ensuring that any anomaly or gap is identified and assessed quickly and accurately.
The Fraud Detection System applies key risk indicators across:
● AUTHENTICATION: Evaluating the relative risk of the initial login, access point, and session timing.
● DEVICE ANALYSIS: Scoring according to the device’s potential for abuse and manipulation.
● SESSION NAVIGATION: Comparing the Transaction and session streams against a Client’s usual access.
● BEHAVIORAL PROFILING: Ensuring a Transaction’s behavior aligns with a Client’s usual devices, places, times of day, among others.
● CROSS-CHANNEL AND MULTI-CHANNEL REVIEW: Using both recent monetary and non-monetary Transactions to surface anomalies.
● REAL-TIME AND/OR TRANSACTION ALERTING:Integrating layered controls with expert-defined rules to approve, decline or hold Transactions at the speed of immediate payments.
- Conducts both near-time and real-time fraud checking, reducing risk in even the fastest new payment scenarios.
- Provides immediate warning of suspicious activity via powerful machine learning capabilities.
- Fosters frictionless Client experience through fast detection and Client engagement.
-Combines an expert rules-based engine with behavior profiling and predictive analytics.
- Enables cross-channel, cross-device and cross-network visibility to uncover enterprise-wide fraud.
- Leverages expertly defined rules, profiles and scoring methods to evaluate critical data continuously.
-Supports easily customized workflows for accurate, expert fraud analysis and tracking.
- Operates on a wide range of platforms and integrates with existing authorization systems.
- Inter-operability with the complete fraud prevention ecosystem and increasing assertiveness on decisions.