The RiskNet software offers Diners Club near-real time alerts of possible frauds, while its self-learning neural model continually improves fraud scoring and pattern detection based on user-definable rules.
Diners Club was previously using a fraud detection system that had been developed in-house. However, Diners Club’s fraud detection team found it inflexible and at possible risk of being unable to cope with growing volumes of card payments.
Using RiskNet, Diners Club can track potential frauds as combined ‘cases’, with the alerts prioritised to show which fraud rules have been broken. This is allowing the company’s fraud detection team to make better assessments and cope with higher payment volumes, as part of its focus on protecting its customers from fraud.
Grace van Deventer, senior manager for Value Chain Management and Optimisation at Diners Club SA, said, they chose to run RiskNet in parallel with their in-house system for around six months. During this time, they could assess the functionality and usability of RiskNet.
ai Corporation is a fraud and risk management company that provides solutions to global financial institutions, international merchants and other payment service providers.
Diners Club is a direct banking and payment services company owned by Discover Financial Services. The company provides a range of payment options, benefits and exclusive offers in partnership with merchants, restaurants and service-industry brands around the world.
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