UK-based The ai Corporation has been named as a preferred risk management software supplier to European banks affiliated to the Visa card scheme.
The ai Corporation currently supplies its RiskNet system to 16 Visa member banks in 14 markets across Europe, Middle East and Africa. The product monitors, detects and manages fraud on all types of payment card including chip cards.
Mark Carter, chief executive officer, The ai Corporation says: "If the parameters are set well, then the system can detect 75 per cent to 90 per cent of fraudulent transactions."
Financial institutions using RiskNet include the UK's National Westminster Bank, Vilniaus Bank in Lithuania, the Czech Savings Bank, and Slovak Savings Bank.
Slovak Savings Bank is the first acquirer in the region to install the real time and online modules as well as the core system. Security officer Radomir Tomlain says the system is particularly effective in detecting skimmed, or counterfeit, cards. "The system has made a real difference to us," he says. "We have caught a number of counterfeit cards and criminals."