Combat Fraud using PRM
We have invested in Pro Active Risk Manager, a software application which can help you combat both Issuing & Acquiring Fraud.
Product features:
- It more than meets Card Schemes Issuer & Acquirer monitoring regulations.
- It caters for both Debit & Credit card transactions.
- It empowers the fraud department to identify and stop fraud in near real time, while catering to increasing numbers of cards & merchants processed.
- It offers easy integration with existing Authorisation, Card & Merchant management systems.
- It offers easy creation of rules and strategies that can be implemented by the fraud department & dynamically changed and deployed in real time without reliance on IT resources.
- It also provides for comprehensive Management Information & reporting.
- PRM Issuer module reduces losses resulting from lost, stolen, counterfeit, never-received card and other card fraud.
- PRM Acquirer module helps acquirers protect their merchants against cardholder attacks and collusive fraud, while protecting the Acquirer against merchant fraud itself.
Advantages to your Bank:
- Immediate fraud savings – PRM operates in near real time, placing fraud alerts onscreen within seconds or minutes of the transaction taking place. Further, the rules based system allows for rapid tactical changes to detect changing fraud pattern as they happen.
- Immediate compliance with Visa CEMEA's Acquirer/Issuer Monitoring requirements – PRM has been approved by Visa CEMEA for its monitoring functions. The rules templates incorporated in the system comply with Visa International Operating regulations & also to standards specified by Visa International for CEMEA region.
- Maximum productivity in the fraud department – The system will detect fraudulent activity using rules and strategies.
- Efficient use of Valuable resources – Dynamic queue management allows the bank to define levels of priority and direct alerts to specific reviewers.
- Focused Management Information – PRM keeps your bank informed about the success of detection strategies.
Business continuity planning
Business contingency planning (“BCP”) and Disaster Recovery (“DR”) are a key focus area for NI’s Management.
Network International has designated a Business Continuity manager and developed a full business continuity plan and disaster recovery procedure as follows:
- It has performed an in-depth business impact analysis to assess the level of criticality of the various processes under various scenarios and identified critical applications;
- Subsequently NI categorized these applications into priority categories ( namely survival-critical applications, business-critical applications, vital activities and other applications);
- NI developed a framework of responses required to execute the business continuity plan under various scenarios, as well as the specific teams responsible for the executions);
- A periodic testing schedule is in place to ensure the staff and systems are trained and aware regarding contingency requirements
NI maintains an ongoing communication with the key service providers such as telecom providers, issuer banks and key merchants.
This is undertaken to monitor feedback on NI’s BCP and DR capabilities, identify key improvement requirements both NI’s and the key stakeholder’s side (e.g. redundant links, disk mirroring).
