REDi Enterprise Development Inc., a financial crimes management solutions provider, has formed a partnership with fraud detection software provider Advanced Fraud Solutions (AFS), in order to offer an integrated card fraud detection solution to banks and credit unions.
As mentioned in a release, the partnership brings together REDi’s analytics and machine learning capabilities with AFS’ card fraud prevention platform, and “access to Dark Web sources to form a cooperative, real-time card fraud decisioning system that proactively pinpoints at-risk cards and transactions.”
According to the FTC, in 2020, credit and debit cards “surpassed payment apps, wire transfers, bank transfers, and other methods as the most frequent source of reported fraud cases,” the announcement noted.
The partnership is focused on “addressing today’s high-risk fraud environment, by helping financial institutions better understand fraud threats across their card portfolios so they can proactively address compromised card issues.”
The announcement also mentioned that the solution will enable banking institutions and credit unions to analyze card threats across 100+ data points; “proactively act on compromised cards; add automatic card controls; receive real-time warnings of brute force BIN and velocity attacks; and enact automated rules to prevent fraudulent transactions.”
Rodney Fuller, Jr., President and CEO at REDi, stated:
“Partnering with AFS will allow us to leverage one of the industry’s most comprehensive card fraud databases, as well as access to Dark Web sources, significantly enhancing our ability to identify at-risk cards. Conversely, AFS customers will be able to better identify suspicious activity through REDi’s behavioral scoring and machine learning. By taking a cooperative approach, we will be able to offer a next-generation card fraud detection.”
Ted Kirk, VP of Strategic Partnerships at AFS, remarked:
“With rising card fraud rates as a backdrop, and an acceleration towards card-not-present transactions, the REDi and AFS partnership addresses a growing need to reinvent the industry’s approach to card fraud detection. The exchange of risk intelligence will help both firms expand our ability to quickly detect fraud activity and, most importantly, better protect our bank and credit union customers from fraud and fraud-related losses.”
As noted in the release, REDi Enterprise Development Inc. offers community banks and credit unions with financial crimes management solutions.
The firm has over 130 customers nationwide. Its solutions include fraud prevention, enterprise customer compliance, and lending services. REDi’s risk management products provide “automation for key functions throughout the organization and reduce operating risk.”
As mentioned in the update, Advanced Fraud Solutions was established in 2007 with the goal to help financial institutions “prevent fraud in real-time by utilizing [their] comprehensive private Cloud-based software solutions at the frontline and in the back office.”
