"Signing this referral agreement is a milestone for Mosaic," says Willem van Biljon, director of new business for Mosaic. "Fractals is an important addition to our product portfolio, allowing us to provide existing customers with the next generation of fraud detection systems and to offer new customers an even more comprehensive solution than before.

"Financial fraud is a serious concern in many countries throughout the world. Mosaic therefore seeks out the best anti-fraud products on the market to protect our customers and the consumers that use their products and services," he adds.

Fractals allows both large and small financial organisations to benefit from customised and highly accurate fraud detection systems, based on their own specific historical data and anti-fraud parameters. In this way, they can greatly increase the probability of early fraud detection and prevention.
Fractals meets today’s accelerated rate of change in fraud patterns through frequent model updates that complete within a matter of hours, in contrast to the time-consuming process associated with competing solutions based on neural networks.

Fractals is implemented in Java and capable of running on a wide variety of platforms. It is designed to be flexible, scalable and easy to use, and it is ideally suited to detecting the fraud affecting issuers, acquirers, and processors of credit and debit cards.

"This new agreement is excellent news for Alaric as it represents yet another significant seal of approval for Fractals," says Managing Director Mike Alford of Alaric. "It will also significantly speed up the worldwide roll out of this important new fraud detection solution."