UK : Retail Decisions & University London R&D Project

PRISM® is ReD’s proprietary neural technology developed by Nobel Prize winning scientist, Dr. Leon Cooper.   The PRISM product line utilises both predictive neural and rules-based technologies and is designed to keep pace with the ever-changing patterns of behaviour in the area of financial fraud.

Total losses on UK-issued payment cards rose by 25 per cent in 2007 to £535.2m according to payments group APACS; that is more than £10m being lost every week by UK businesses despite the tools already put in place to tackle the problem.

Dr. Mark Goldspink, Managing Director of ReD Merchant Services said: “ReD’s fraud prevention systems review 14 billion card transactions around the globe, annually.  ReD prevents around £600m in attempted fraudulent purchases for our clients every year.  ReD is committed to advancing payment fraud detection by working with the research team at City University London.  City University London takes a refreshing approach to working with commercial partners and together we are looking at the future of fraud prevention.”

Nick Ryman-Tubb, honorary visiting research fellow at City University London, heading up the anti-fraud research said: “We are delighted to welcome ReD to the growing number of businesses who are joining with academia to solve real-world problems. We are confident that our research at City University London will have a major impact on helping to prevent card crime.”

Neural computing has already proven to be a good ally in the war against sophisticated payment fraud, so this leading edge research with City University London, will help strengthen ReD’s core neural computing technology which is used daily to screen millions of payment transactions.

PetrolWorld 01032009    Source: PetrolWorld News Library 160908

 Editors Note: Carl Clump CEO of ReD will be speaking at the PetrolWorld  Forum Conference on Thursday 5th March 2009 in Langkawi, Malaysia.