Hong Kong-based forensic RegTech company Austreme has received approval for a patent for its e-commerce card testing fraud detection system.
Austreme specialises in financial fraud and helps brand owners, payment service providers and acquiring banks monitor and detect online merchants’ damaging and illegal transactions under international card associations’ global brand protection program.
The company offers financial risk management services for customers worldwide and specialises in big data analytics, online store illegal content monitoring, anti-transaction laundering and merchant onboarding.
According to Austreme, the Card Testing Fraud Detection System is a device designed to integrate into a companies’ payment system to help analyse and prevent fraudulent transactions.
Furthermore, the transaction data receiver in the system will feed required transaction details – including time, amount, IP address and card number) for analysis and decision alert or blocking. Using pre-determined fraud detection rules, the analytic engine can automatically approve safe transactions and reject those that are not safe.
In 2019, Austreme received a patent for its transaction laundering detection technology that helps users identify transactions from unauthorised e-commerce websites.
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