Wirecard AG expands business activities in the field of “Risk management” / automated fraud detection no black box more / new business intelligence tools to optimize fraud protection

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Now, online retailers benefit from new business intelligence tools of Munich Wirecard AG. Thus on the one hand, shop owner are able to assess the effectiveness of their risk management strategy used. On the other hand, they receive a maximum of transparency in how central fraud parameters over time develop. The advantage is obvious: have a greater control over any cases of fraud and can optimize their sales so shop owner.

With the current offer extended Wirecard AG their successful fraud prevention suite, a risk management system that suspicious data and / or behavior identified in real time. The added value for online merchants confirmed in practice: thanks to the fraud prevention suite has reduced the rate of fraud for card payments to 90 per cent, for example, in the online shop of a Wirecard customer.

“We give an another tool customers who already use the fraud prevention suite, to optimize their fraud protection.” The sophisticated analysis options make visible, how big is the influence of a rules-based fraud detection on the business performance. “Such an overview should be interesting also for shop operators, the automated tests so far still skeptical face,” stresses Heiner Kallweit, head of product line risk & fraud prevention at Wirecard AG.

Specifically, online merchants with the new business intelligence tools get clear graphs. So can track the development of fraud parameters, such as the chargeback or fraud rate over time.

An overview of transactions that are reported by the card provider banks as a betrayal of the card companies for credit card payments, is available with the new solutions. The dealer puts on safety procedures verified by Visa and MasterCard SecureCode is liable in the case of fraud, the card issuing bank. By this liability shift the dealer is only informed of a case of fraud, when it comes to a chargeback. Additional information that can be made by the close interaction of acquiring and technical service within the Wirecard group available, show the dealer an aggregated view of the overall picture. This complete data, the company can continuously adjust its risk management. At the same time, the dealer ensures that it conforms to the rules of the card companies with regard to permissible fraud rates.

The UK card association * according to the credit card fraud, for example, in the UK only to 19 per cent results from the use of counterfeit cards. 61 Percent of all card fraud losses is the so-called “card-not-present fraud”. This illegally obtained card data are used for online payments and mail and telephone orders.

No wonder that payment security and risk management to enjoy now top priority for online merchants. Risk management systems of Wirecard AG when using all common payment methods effectively protect against fraud, as well as from defaults by credit-related. The revenue potential with minimal risk can thus take full advantage of.