Fraunhofer IAIS and the Paymint AG cooperate in the marketing of modern Fraud Mining technologies for deception recognition. An efficient risk and deception management gets more and more important for electronic payments. Fraud Mining technologies help to identify deception patterns quickly and reliably to avoid credit card abuse. In addition, Fraunhofer IAIS and the PAYMINT AG have developed MINTify rule, a new deception recognition system.
In research projects Fraunhofer IAIS has developed new Fraud Mining mechanisms which independently recognize new Fraud scenarios and patterns. Based on this, the system forms clear and understandable rules automatically for the prevention of the new deception pattern.
In contrast to most fraud recognition systems MINTify rule can be used complementary because it can provide rules to any real-time system. It does not require expensive, risky migration to a new real-time system. Instead, it only needs a simple interface to the existing one. Therefore, the benefits of MINTify rule could be used quickly and without risk. Additionaly, the rules can be also used in near real time. The rule complexity adapts itself to the respective monitoring system, because the control parametres are configurable. In addition to the automatically ascertained rules expert's rules can be provided by hand.
Deploying of MINTify rule for fraud detection allows a quick, highly efficient and reliable identification of new fraud patterns and connects a high accuracy of the rules with an adjustable fraud risk. Efficient fraud detection with MINTify rule contributes to declining fraud losses and higher customer satisfaction by avoiding unnecessary rejections due to incorrect classifications.
MINTify rule was implemented shortly after the completion with a leading European payment processors and protects a portfolio of many millions credit cards.