Canadian firm Inetco Systems, which offers real-time transaction monitoring applications, has released an upgrade of its Insight platform.
The company released the Inetco Insight 7 designed to detect payment fraud and isolate them in real-time.
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Equipped with machine learning capabilities, the solution is designed to assist financial institutions and payment processors in reducing revenue losses due to such breaches.
Inetco Insight 7 can be used for real-time suspicious activity monitoring and combat card-present, card-not-present and transaction reversal frauds.
Additionally, it helps in enhancing risk scoring by enabling only legitimate customers to access their accounts.
Inetco CTO Ugan Naidoo said: “Real-time transaction risk scoring on an individual customer basis is a game changing advancement from existing approaches that only rebuild customer models as part of a scheduled batch ETL (extract, transform and load) process.
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By GlobalData“The result is more precise risk scores for all types of card-present and card-not-present transactions, a streamlined escalation process and less customer friction.”
The Inetco Insight 7 is designed to acquire real-time data across disparate data stores, multiple channels and data update frequencies.
Rich contextual information associated with each payment transaction is procured for immediate investigation. The data can also be leveraged for adaptive behavioural analytics and forecasting.
Inetco Insight 7 is available as an on-premise or cloud hosted solution. According to the company, the solution can be implemented by banks, credit unions, independent ATM deployer and payment processors.
