Cloud based payment processor Paymentology has launched its new Instream Fraud Scoring model which aims to improve the identification and blocking of fraudulent activity at point of sale on card usage, by more than 30%.
The technology built into the new model ensures that the rapid speed of authorisation, for which Paymentology has become recognised as the market leader, is not compromised and the accuracy of the data ensures that all non-fraud cases are cleared virtually immediately.
Through integration of the Paymentology platform into banking systems, card users will enjoy a faster and more secure experience, whilst banks can further reduce their exposure to fraud occurring and the need for refunds.
Chief Commercial Officer at Paymentology, Matt Bruton commented, “The activity of fraudsters is a continual challenge for issuing banks and their clients. The upgraded systems used in the new Instream Fraud Scoring model combine the latest technologies and data analytics meaning that many more fraud instances are now set to be picked up as customers use their cards.”