Advanced Fraud Solutions partners with Q6 Cyber to fight card fraud
Advanced Fraud Solutions and Q6 Cyber unveiled that they have partnered to integrate Q6 data feeds directly into the TrueCards fraud prevention software platform.
TrueCards is a tool allowing financial institutions’ fraud teams to monitor card holder transactions for test sites, breaches, and common points of compromise (CPC). Q6 Cyber employs an approach to monitoring the “Digital Underground,” including the DarkWeb and DeepWeb.
Leveraging years of law enforcement and intelligence experience in the dark corners of cyberspace, combined with proprietary technology, Q6 delivers intelligence that allows financial institutions to direct and prioritize resources against the threats and adversaries.
The integrated solution will feed Q6’s data directly into the back-end of TrueCards, delivering insights and fraud loss savings. The joint solution will provide financial institutions with two benefits.
First, it will identify payment cards that have been hacked or compromised, before such cards are ever used fraudulently. And second, automate the points of compromise analysis, seamlessly detecting breached merchants so that fraud investigators can stop, block, and reissue compromised or stolen cards.
Eli Dominitz, CEO of Q6 Cyber, explains, “Over the last few years, we have been working with financial institutions around the world to change the fraud paradigm from reactive to proactive. And we have succeeded – our clients report double-digit reductions in fraud losses year over year. Recently, we partnered with Advanced Fraud Solutions to pilot our joint solution and discovered that the client impact is even greater. Together, we deliver more intelligence at faster rates, enabling our clients to identify common points of compromise early on in the fraud cycle and act swiftly to reduce their exposure.”
Ted Kirk, VP of Strategic Partnerships at Advanced Fraud Solutions, explains, “Teaming with a market leader like Q6 provides our clients with even more up-to-date and actionable data in the continued fight against card fraud. The Q6 team has an unsurpassed depth of knowledge and experience monitoring Dark Web and Deep Web sources that are otherwise inaccessible to our joint financial institution clients. By combining this powerful intelligence with our market-proven TrueCards® tool for CPC location, we are delivering a best-in-class solution for fraud investigators looking to prevail over the stubborn threat of losses due to card fraud. This is one of those exceptional cases where the whole of the integrated solution is truly greater than the sum of its parts.”