Adventity, a market leading knowledge and business process outsourcing firm, and FMT Worldwide, a leading provider of front–end Web application security and enhancement solutions, today entered into a strategic alliance to develop an end–to–end managed service solution to combat "card–not–present" fraud over the Internet.
According to APACS, the UK payments association, UK card–not–present fraud losses increased by 37 percent in 2007 and accounted for more than half of the £535 million card fraud losses last year.
"Global payment and card associations are increasingly reporting that today´s solutions for combating card–not–present Internet transaction fraud are not up to industry expectations or needs," says Vivek Arora, co–founder of Adventity. "This cost is now reaching alarming levels for companies in many industries like airlines and travel, which are already suffering from other major cost pressures such as fuel."
The solution will combine Adventity´s leading analytics and process management capabilities with FMT Octopus TM, FMT´s award–winning front–end infrastructure layer plug–in that provides Web application security and enhancement. The managed service solution will adhere to global industry best practices including PCI compliance and dynamic, contextual multi–factor authentication.
Adventity´s comprehensive Risk & Fraud Management Analytics practice has worked with leading banks, card processors and financial institutions globally to provide quantitative risk solutions such as application, behavioral and collection scorecards for credit risk management, loss forecasting, risk–based pricing and fraud management.
Adventity will build business intelligence into FMT Octopus based on analysis of historical data of customer profiles, transaction behavior, and associated fraud and genuine transaction patterns. The combined fraud management offering will deliver real–time transaction monitoring and flagging, case management, fraud database management and champion–challenger models to continuously update business rules to combat ever evolving frauds.
"Combining FMT Octopus with our fully integrated analytical and card fraud prevention processing capabilities expands our comprehensive suite of offerings to our clients globally to manage and mitigate the cost of Internet fraud," said Arora.
FMT CEO Kostas Siourthas said: "We´re delighted to be working with an industry leader like Adventity to help their customers confidently offer products and services to consumers they can trust over the Internet."
FMT Octopus accesses real–time Internet data, examines transactions in context and applies risk models and risk aversion policies optimal for each transaction. This is done inline and without requiring any code integration with customers´ Web applications.
Out of the box, FMT Octopus provides a wide variety of risk mitigation capabilities, including multi–factor authentication, IP address geo location, client device identification and prevention from botnet attacks.
About Adventity
Adventity is the leading provider of fully integrated strategic Knowledge Process Outsourcing ("KPO") and Business Process Outsourcing ("BPO") services to a diverse global business community, including some of the world´s top financial institutions, airlines and Global 1000 companies. With offices in North America, Europe, the Middle East and Asia, Adventity provides robust and cost effective outsourcing solutions including tailored knowledge and analytical services, transaction processing and customer contact support. Additional information can be found on the company´s website: http://www.adventity.com
About FMT Worldwide
FMT provides front–end infrastructure layer software that secures and enhances Web applications for organisations around the world. Its plug–in solutions source critical Internet information to augment application functionality, bolster security and mitigate risks. Easy to deploy and requiring no APIs or code changes, FMT´s products increase revenues, decrease losses and enhance customer satisfaction. For additional information, visit www.fmtworldwide.com
