Following the extended partnership, Wincor Nixdorf and IRIS Analytics will cooperate closely over the coming five years to help financial institutions to fight fraud. IRIS is a multi-channel product, covering all fraud-prone payment channels and also stops fraud by assessing financial as well as non-financial events within the channels. This ability to combine financial and non-financial information can be used, for example, to avoid cancellation fraud (Transaction Reversal Fraud) and can lead, in combination with Wincor Nixdorf’s monitoring software ProView and Security Software Terminal Security, to maximum protection within the customer interface. The initial alliance has enabled Wincor Nixdorf to market, implement and support the IRIS transaction scoring software worldwide to its customers in the finance and payments sector.
According to a 2013 Nilson Report, global card fraud reaches USD 11 billion annually, rising steadily. International criminals’ attention has widened to include e-wallets and alternative payment products. The focus of these criminal bands is no longer only banks and trading companies.
IRIS Analytics provides technology and consultancy services to the payments industry to beat electronic payment fraud. It develops and markets the IRIS off-the-shelf fraud prevention platform which powers real-time fraud scoring across the full range of electronic payment channels, including credit, debit, prepaid, online and mobile. IRIS enables payment processors, switches, payment service providers, wallets and issuers across the world to analyse and respond to complex fraud patterns in real time, staying one step ahead of evolving, unanticipated fraud threats.
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