Melbourne, Australia
Fraud Management Technologies (FMT), the leading provider of front-end online fraud mitigation solutions, has announced the availability of FMT Octopus(TM) version 3.0. With the enhancements, FMT Octopus customers in a greater range of industries and environments can reliably manage risks.
The only fraud mitigation software that uses a preprocessing filter in a front-end application server, FMT Octopus now gives organisations in the airline sector the ability to alleviate escalating online threats associated with e-ticketing - without intruding on a genuine customer's experience.
According to a Deloitte report titled "Airline Fraud Survey 2006", airline industry fraud-related losses have increased five-fold since 2000, with 99 percent of technology fraud directly relating to poor IT security.
"As a first line of defence, FMT Octopus can help protect against e-ticketing fraud relating to lost, stolen and compromised credit cards," says FMT CEO Kostas Siourthas. "By helping airlines safeguard their online customer services - such as card payment processing and acquiring - they can confidently conduct Internet activities without financial or reputational loss concerns."
FMT Octopus is the first online risk software to embed a preprocessing filter in an application server - functioning as a real-time, front-end fraud solution without requiring APIs or changes to legacy systems. The updated software offers unparalleled ability and decisioning power to detect and act on suspicious Internet transactions including credit applications, financial transactions and account servicing.
Additional new functionality includes: the ability to set variables and values directly into the software's rules engine; support for JSR portlets, SOA and AJAX; enhanced support for double-byte character sets such as Chinese and Greek; and additional performance statistics, new alert capabilities and an improved look and feel.
"Organisations need front-end threat mitigation solutions with forensic capability that can be quickly and easily integrated into existing operating systems and application servers," says FMT CTO Bjarne Matzen. "FMT Octopus is innovatively designed to dependably and effectively respond to the innumerable fraud schemes perpetrated daily, ensuring maximum ROI from the technology investment."
With FMT Octopus' unique preprocessing filter, companies are able to prevent fraudulent access to Web applications before transactions complete, filling the holes left by all other back-end and passive solutions. Because of its novel location in the application server, a new market segment has emerged called E-Application Intelligence (EAI).
EAI's online fraud protection complements existing strategies and solutions to identify legitimate transactions, prevent losses, safeguard reputations, maximise online speed and efficiency, cut operating costs and comply with regulatory mandates.
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 protect a genuine customer's experience. For more information, visit www.fmtworldwide.com or contact Susan Roth on +61 420 974 762.
Source: Business Wire (Business Wire India)