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Fraud Detection Systems

CubeIQ Solutions and Systems

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CubeIQ Products and Systems

Group: Enterprise Software Applications


Risk and Compliance Solutions

Electronic Transaction Fraud Detection System 


The need for focused and flexible risk monitoring systems has never been greater as fraud trends increase and criminal activities become more sophisticated. Credit card fraud is more widespread than many companies believe, whether they are banks, merchants or organizations that enable others to take credit card payments.


Fraud in Electronic Transactions

Many organizations believe they are unaffected, but consider the following statistics:


Customer Not Present frauds in 2002 totaled $3.80 billion worldwide*, an increase of 2,7% over the previous year.


28% of these were Internet and e-commerce transactions, which represents an increase of 86% over the previous year.


Fraud losses incurred by issuers of American Express, Discover, Master Card and VISA credit cards in 2006 in USA reached an all tine high of $1,24 billion*, up 9,3% from $1,14 billion in 2005.


Losses due to card fraud in 2006 reached $ 4.84 billion in 2006 worldwide*.


This demonstrates an increase of 12,8% comparing to 2005.


Fraud worldwide in 2006 equaled to $4,84 per $100 in combined purchases of goods, services, cash advances and withdrawals on all credit, debit and pre-payment cards worldwide that reached $10.126 trillion.


* Source: The Nilson Report


Fighting fraud in every transaction:


Fraud prevention has never been so critical. Although many transactions still take place in a face-to-face situation, an increasing amount of purchases are made online, over the phone, or through the mail—where there is no card present.


Today’s scam artists are savvy to the security features and processes involved with each of these transaction types. And merchants must take extra precautions, because they are financially responsible for any fraudulent transaction, even those approved by the card issuer.


These statistics is showing that card payment fraud is not going away and if it hasn't affected your business in your market yet, it is increasingly likely that it will do so.


The Solution


Clearly fraud management needs to be an essential part of any payment card processing business. CubeIQ in co-operation with leading software houses offers financial institutions payment intelligent software to help them detect and prevent payment card fraud.


Fraud detection and prevention system is designed to work in the way your business operates. Combination of these products and our services will offer you the reassurance you need.


Fraud detection and prevention system uses rule-based functionality and/or artificial intelligence techniques with neural network technology - to monitor, detect and manage fraud on all types of payment card, including chip cards.

The system can identify traditional types of card fraud - i.e. lost and stolen- as well as the newer and rapidly increasing trends such as skimming and Internet fraud.


The system as is used by Banks and Financial Institutions enabled them to reduce financial losses, increase profitability, enhance client confidence and provide a rapid return on investment. In many cases, existing customers have recouped their investment in a matter of months.


The system meets all published regulation from international card associations and payment networks - VISA, MasterCard and American Express. 


The Services

Part of CubeIQ offering is to provide a wide range of quality services.

Rapid deployment of all modules.

Customer training at user and system administrator level.

Prompt answer to all customer enquiries including a 24 x 7 x 365 support line.

New versions and releases of the system in accordance with requirements of the international payment card organizations.

Regular retraining of neural networks.


Programs, Modules & Configurations

System Configurations

FD Acquirer System Configuration: focuses on merchant trading activity.

FD Issuer System Configuration: focuses on cardholder account activity.

System Programs & Modules

Fraud detection and prevention system consists of several  modules that can be used on per need basis.

Processing Engine Module: serves to analyze incoming information and produce fraud and risk alerting information.

Rules Administration Module: is a Web Interface module that is used to create and maintain processing rules, attributes and parameters.

Real - Time Transaction Interface Module: receives transactions directly from the authorization system.

Transaction Import Interface Module: periodically imports transaction information from the back-office database, or by processing exchange files.

Background Update Service Module: periodically imports the cardholder and merchant information into the system and periodically updates the fraud detection attributes.

Alerting Module: sends fraud and risk alerts to fraud-combating sector

Report Generator Module: creates fraud and other statistical reports including letter generation to involving parties (merchants and cardholders).

House keeping Module: keeps system clean by archiving old items no longer used by processing rules



Our Fraud detection and prevention family of products is designed to provide significant value to Banks,  Financial Institutions, Processors and Merchants.

Compliant with VISA and Europay / MasterCard regulations.

Compliant with American Express regulations.

Future proof.

Rule based and Neural network technology.

Scalable, user adaptable and highly configurable.

Powerful transaction analysis performance.

Real time fraud alerts notification.

Multi institution support.

Easy installation, operation and maintenance.

Short Return Of Investment .


Related products:



For any question or comment please contact our support team at support@cubeiq.gr 

For product or services inquiries please email to: sales@cubeiq.gr



















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