Card fraud is a global industry with no borders and it is spiraling out of control. Visa predicts that counterfeit and skimming will grow at 65% per annum. While financial loss is only part of the problem, the cost of processing charge backs, the time and effort of service staff and fraud investigators, substantially exceeds the direct fraud loss.

Card fraud is perpetrated by organised crime and fraudsters who understand systems and their weak points, and will go to great lengths to compromise staff and systems. Detecting fraud or attempted fraud by identifying patterns is a sure way to predict possible fraud and to take preventative measures. Direct Transact offers a complete fraud detection solution which enables proactive, systematic fraud detection in near real-time or batch modes. A pre-defined set of user rules drives the process and these rules can be customised according to requirements set by the issuer – thereby ensuring that the user’s existing fraud detection knowledge is incorporated into the reporting. The Fraud Detection and Prevention rules of Visa have been adopted and expanded on in accordance with industry guidelines and field experience.

Alerting fraud investigators timeously and providing accurate information is the most important part of the detection process. Direct Transact uses the internet to report suspected fraudulent transactions or trends and transmits an SMS message to the investigators, notifying them of any events requiring immediate attention. A workbench to examine the transactions enables prompt reaction from the investigators and provides the ability to stop a card if the investigation results in a positive fraudulent situation.

Direct Transact is constantly enhancing this facility to keep abreast of industry experience and trends, ensuring maximum service delivery to our customers.