AsiaPay Launches ePayAlert to Provide Advanced Online Fraud Detection

AsiaPay launches ePayAlert, a real-time comprehensive fraud monitoring and control management system that can help detect and prevent online fraud. The new solution and service enables banks, payment service providers, airlines, hotels, and merchants optimize their fraud management operations effectively and efficiently to help minimize financial losses. End Quote

(1888PressRelease) February 20, 2012 - AsiaPay today announced the launch of ePayAlert, a comprehensive online fraud prevention service and solution suite for protecting banks, payment service providers, airlines, hotels, and merchants from the risks associated with card-not-present transactions. This advanced, highly customizable solution and service fully processes and checks online payment transactions with extensive use of dynamic rules with real-time fraud reporting and alert support.

Fraudulent credit card transactions have become a significant source of income loss to online businesses and with online spending on the rise, fraudulent activity is likely to continue to increase. Fraud losses not only affect the bottom line but also affect the future revenue of online businesses. This threat puts added pressure on companies to leverage a fraud review process that is fast, precise and keeps operating expenses in check.

"In today's online retail environment, it's imperative that businesses put into place user-friendly tools to effectively identify and mitigate online fraud to help protect both consumers and the organization's reputation, and such protection can also be extended to the mobile payment environment," said Joseph Chan, CEO of AsiaPay. "To address this need, we're introducing a comprehensive online fraud solution and service which provides risk managers and analysts the ability to customize their own risk parameters, extend risk alerts via email or SMS, and download detailed reports and statistics with additional in-depth analysis thereby, allowing them to focus their attention on fraudulent transactions while fast-tracking valid orders through fulfilment."

ePayAlert is being offered either as an online service, white-labelled hosted service, or as a total solution license model. The key features are:

Data Format Checking - assesses customer information gathered against pre-determined rules
Blacklist Control - verifies payment information against a comprehensive blacklist database and maintains these blacklisted data items
Geographical Checking - cross-examines different geographical data identified in the transaction
Velocity Checking - cross-examines velocity of the related data item in the transaction
Transaction Limit Checking - validates limit control at bank/merchant level across different time periods
Historical Negative Record Checking - validates payment transaction against historical payment and negative records
Risk Scoring - applies real-time scoring of payment transaction with customizable rules and weights
Real-time Alert - prompts merchants on suspicious payment transactions
Real-time Reporting Console - enables merchants to access real-time fraud reports anytime

Moreover, it can be tailored to meet the specific fraud prevention needs of businesses of any size.

For more information on ePayAlert, visit www.epayalert.com.

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