Melbourne, Australia
With legislative mandates and reputation management at an all time high, it has never been more critical for banks and e-commerce organisations to enter the E-Application Intelligence (EAI) era.
A recent report by APACS, the UK payments association, states that UK online banking fraud has increased from GBP 23.2m in 2005 to GBP 33.5m in 2006 -- a 44% increase. Card-not-present fraud losses now account for just under 50% of all card fraud losses, according to APACS.
In the past, suspicious online financial transactions were identified by back-end or passive analytics -- after the transaction had already passed through a Web application server. This has not solved the problem; Internet fraud is still growing by billions of dollars each year.
The solution is E-Application Intelligence. EAI software is embedded in the front-end Web application server to prevent fraud associated with electronic credit applications, transactions, account servicing and merchant payment processing.
"A new trend is emerging where banks and e-commerce enterprises are transforming their definition of acceptable risk," says FMT CEO Kostas Siourthas. "Something new is needed to combat the latest cyber criminals -- and that something is EAI."
With a pre-processing filter, EAI solutions enable banks, e-commerce organisations and online retailers the ability to act on risky transactions in real time before they complete.
Similar to the way a firewall protects infrastructure, EAI solutions protect applications within the Web application server -- without unnecessarily intruding on a customer's experience.
A 15 January 2007 Gartner report titled "Findings: Architectural Options for Integrating Fraud Detection" states: "By 2009 at least 50 percent of online fraud detection engines will be integrated directly into Web application servers (0.7 probability)."
EAI solutions take hours to install, rather than the months or years back-end systems take. This is possible because no changes to existing applications are required and application program interfaces (APIs) are not necessary.
The process-driven technology offers a variety of authentication options, including two-factor, human intervention and immediate termination to work in all environments and deliver immediate return on investment.
"FMT Octopus(TM), our E-Application Intelligence software, offers online companies an alternative to outdated technology that has not stood the test of time," Mr. Siourthas said. "FMT Octopus is leading the next generation in fraud prevention."
About FMT
FMT was founded in 2002 to help organisations contain risks associated with online financial transactions. The company's real-time, easily installed, front-end products prevent fraudulent activity and mitigate risk through predetermined strategies designed to be non-customer intrusive. For more information, visit www.fmtworldwide.com or contact Susan Roth on +61 420 974 762.
CONTACT: FMT Susan Roth +61 420 974 762 sroth@fmtworldwide.com
Source: Business Wire (Business Wire India)