January 9, 2015
IRIS Analytics and Société d’Exploitation de Réseaux et de Services Sécurisés (SER2S), a subsidiary of Groupe Cartes Bancaires CB, announced today the deployment of a crucial network-based transaction scoring system that tightens security for more than 75% of French payment cards. The product has been supplied and configured by IRIS Analytics for SER2S to address new fraud patterns and schemes that are difficult to detect with the deployment of traditional fraud prevention measures.
French card issuers were early adopters of chip cards, predating and then adopting the worldwide EMV standard in 2003. For a while, the move to EMV succeeded in driving fraudsters off to less secure card portfolios. While run-of-the-mill fraudulent transactions are being successfully detected and dealt with by card issuers, increasingly sophisticated fraud schemes and the rapid rise in card-not-present transactions are now requiring additional measures. The resurgent threat convinced French payment industry executives that national payment security needed an additional line of defense.
Antoine Sautereau, Director of Operations at Cartes Bancaires, said in an official press release: Although EMV by itself is successful in verifying payment cards, an authentic card says nothing about the legitimacy of the parties requesting and accepting the payment. We elected to move ahead of current best practices for payment security by putting transaction profiling right at the core of the French national payment network.
The adoption of IRIS comes as accelerating card transaction rates in the French economy — led by purchases from the Internet — make room for novel and rapidly evolving fraud attacks. Accordingly, millisecond throughput is only half the story. The constant pressure of fraudster creativity demands a tightly integrated platform, unique to IRIS, giving fraud experts the capacity to constantly supervise and revise decision models, and to stay on top of current fraud trends. In the newly deployed system, French fraud experts interact with IRIS’ built-in machine intelligence, speaking the same modeling language in a seamless, cooperative framework.
The IRIS system has been operational since April 2014. Initial results indicate that it is already detecting a very significant amount of fraud, especially on card-not-present transactions.