Wincor Nixdorf AG and IRIS Analytics, a provider of real-time fraud prevention software for e-payment transactions, are partnering to distribute IRIS software on a global scale.
According to a news release from Wincor Nixdorf, Wincor Nixdorf will distribute IRIS's software as well as offer the software as an integrated part of its ProClassic/Enterprise Retail Banking Solution Suite.
IRIS follows a multichannel strategy, combining and evaluating information from any payment channel needed or requested. Data from card-based transactions, online banking or mobile banking can be linked and analyzed in real-time. Highly suspicious transactions can be rejected directly during the authorization process. If an authorization computer receives two authorization requests for the same debit or credit card at the same time from Moscow and New York, for example, the solution can reject the authorization and prevent misuse. When it comes to online banking, IRIS also reacts to unusual behavior, such as someone accessing an account from an IP address that has never been used before and attempting to transfer money to a suspicious target account, or trying to withdraw a large amount of cash from an ATM shortly afterward.
"Criminals work in global networks, are very creative and act quickly," said Hanns-Michael Hepp, managing director of IRIS Analytics. "IRIS is a highly flexible, proactive tool for fraud protection that enables our customers to detect complex interrelationships as early as possible and prevent misuse."
Through the partnership, Wincor Nixdorf and IRIS Analytics offer end customers a coordinated strategy for more secure payment transactions.
"Our end-to-end security concept, ProTect, provides our banking customers' cardholders with effective protection at ATMs and terminals; with IRIS, we're extending this protective shield to the other payment channels," said Johann Praschinger.
The main focus is on reducing all fraud-related costs and increasing customer satisfaction. Whenever there's reason to suspect that customer data has been compromised, the respective cards and accounts can be kept under special surveillance through IRIS.
"The cards in question are only replaced in the case of an actual fraud attack. This helps prevent costly, reputation-damaging mass replacements," Praschinger said.
