Fraud Risk Management System (FRMS)
E-payment around the world, though convenient, is highly susceptible to several risks. Always a step ahead, 1LINK implemented a Fraud Management Solution in September 2014, equipping member banks with a complete fraud detection suite, along with the tools to handle associated risks.
1LINK Fraud Risk Management System (FRMS) Fractals augments the immunity of the payments ecosystem by enabling member banks to monitor suspicious activity on their debit/credit/prepaid/gift cards portfolio, internet and mobile banking covering the set of both Off-Us (Cross-Switch) and On-Us transactions across alternate delivery channels in issuing and acquiring scenarios.
27 banks are already managing their fraud risk management systems via 1LINK’s FRMS.
This application is hosted and managed by 1LINK , member banks and other institutions subscribing to this service can access it through web using secured point-to-point connectivity to monitor transactional alerts. Being a user-friendly fraud analysis system, it allows member banks to review available transnational data, with full investigation of alerts, along with cardholder usage profile, alerts history, case management notes and fraud tagging.
As an addition to the existing capabilities, 1LINK has developed the prevention mode of FRMS. The prevention mode guarantees real-time decisioning capability at bank’s and other institutions level before authorization of the transaction. However, the enablement of this mode requires direct integration of FRMS with bank’s switch.