The press release below delves further into the innovative Self Learning technology which Alaric has created and successfully implemented in its Fraud Solutions.
This is a deliberate step away from the widespread neural based fraud prevention found in other models Fractals uses, self-learning models together with in flight, real time transaction blocking to drive down fraud losses. The result is vastly increased detection rates, reduced false positives and an increased percentage of fraud cases detected on the first fraudulent transaction.
Self-learning has significant advantages to merchants;
· A self-learning model will easily deliver in excess of 80% case detection rate at a low false positive ratio an improvement of up to 20% on the typical neural models.
· Fractals self-learning model is specially designed to be easily used by fraud analysts, detection rules can be created using familiar Windows-based point and click technology.
· No programming or database knowledge is required.
· Fractals self-learning detection models detect more than 70% of fraud cases on the first fraud AND can reject the transaction in flight as part of the authorisation process.
Alaric has delivered strong revenue growth, driven by customer acquisition in all three major target regions of the US, EMEA and Asia Pacific. This new Self Learning Technology is set to increase this growth even more.
Dynamic self-learning technology provides users with an easy to operate fraud prevention system which has been proven to dramatically reduce fraud losses.
London – 21st October, 2011 – Following the release of its Fractals 3.7 software last month, Alaric International is now keen to demonstrate the vital role self-learning has to play within payment fraud prevention strategies, now and in the future.
Mike Alford, Chief Executive of Alaric said: “For any given organisation a self-learning model, like Fractals 3.7, will easily deliver in excess of 80% case detection rate at a low false positive ratio. A typical neural network consortium model may detect just ~45%-47% of fraud cases at an ‘acceptable’ false positive ratio. In practical terms, self-learning models can significantly save an organisation’s losses to fraud, typically between 70% and 90%.”
The Fractals product suite detects fraud using a combination of tailored user-prescribed rules together with Alaric’s market leading mathematical models. Most notably, it is the user experience that makes this software stand-out from the competition. Specially designed to be easily used by fraud analysts, detection rules can be created using familiar Windows-based point and click technology. No programming or database knowledge is required.
It is a well-known fact that use of true real time, in flight blocking of transactions can save an institution as much as 33% of its fraud losses as compared to near real time/”one-transaction-behind-real-time” operations. The decisive advantage of Fractals self-learning detection models is that they can detect more than 70% of fraud cases on the first fraud AND can reject the transaction in flight as part of the authorisation process, leading to major fraud savings. Many companies already have a fraud detection system in place, but in order to keep up with constantly emerging new fraud threats, companies should upgrade to an intelligent self-learning model.
Fractals version 3.7 also comes with a host of other benefits including enterprise rules and a reduced need to write rules due to the power of self-learning.
For further information please visit: www.alaric.com
About Alaric
Headquartered in London, with international offices in Malaysia, Australia and the U.S., Alaric is a leading supplier of advanced technology payments products and services. Alaric offers solutions for both SOA-based and conventional multi-channel payments integration, card authorization, switching and routing, enterprise wide fraud detection and card fraud detection.
Alaric's products are fully platform independent and scalable to meet the needs of the largest financial institution, service provider or retailer. Used in combination, Alaric’s Authentic and Fractals products represent the highest performance payment switching and fraud solution available on the market.
Authentic is a modern ultra-high performance EFT authorisation and routing system. Achieving in excess of ten thousand transactions per second in recent benchmark tests, Authentic is highly configurable with innovative market leading functionality with five nines fault tolerance.
Fractals enables a unique multi-institution, multi-lingual approach to enterprise fraud detection, allowing financial institutions, processors and retailers across the globe to deploy a holistic fraud management solution at an enterprise level. It is a single, integrated solution for issuer and acquirer fraud detection, providing economies of scale in hardware, database licences, staffing and training.
For further information please visit: www.alaric.com
