Governance, Risk & Compliance

Governance, Risk & Compliance

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August 01, 2011

Neural Technologies Implements Mobile Payments Fraud Management Solution



Mobile payment fraud for a top African mobile telecoms operator will be managed by Neural Technologies. The company has implemented its Minotaur solution. An announcement in this regard has been made by the provider of risk management software solution, Neural Technologies.

Every stage of the mobile payment transactions will be monitored by Minotaur mobile payments fraud management solution. The various entities involved in each mobile payment transaction, carried out on the African operator’s mobile payment platform, will be monitored. These include sender, recipient, and dealer. Payment data will also be cross-referenced with this information. Characteristics or anomalies that may be indicative of fraudulent activity will be highlighted through a comprehensive analysis of the information.

Link analysis, analytical modeling and behavioral profiling are some of the advanced techniques used to carry out the analysis. Traditional rules based monitoring is also used for the analysis. An effective communication channel to permit the reporting and sharing of information will also be provided by integrating the solution with law enforcement agencies.

A comprehensive selection process was carried out by the operator before selecting Neural Technologies. A previous third-party fraud management solution will now be replaced by Minotaur. Apart from its unique proprietary technology, the telecom operator selected Minotaur as it is not available from other suppliers. New emerging network services can be accommodated by the flexible Minotaur and the solution is also able to integrate with external systems and departments.

In a release, Luke Taylor, commercial director for Neural Technologies said, “We are delighted to have been selected by this operator and to be at the forefront of managing mobile payments fraud. This implementation has taught us much about managing fraud and risk in mobile payments.”

Taylor added that the company would like to share what it has learned with other mobile operators. A report describing the varying mobile payment technologies and the fraud risks associated with them has been created by the company.

Suggestions on how to reduce fraud in mobile payment environment are included in the report, ‘The Mobile Payments Overview – Fraud Management’. Telecom operators can download this report for free at http://www.neuralt.com/mobile_payments_fraud_risks.html.

For more information on Neural Technologies, visit the website http://www.neuralt.com.


Carolyn John is a Contributor to TMCnet. To read more of her articles, please columnist page.
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