The
arduous task of preventing fraudulent commercial transactions and
other criminal activities resulting from misappropriation of confidential
financial information (CFD) is a key challenge for the financial
services industry. While a number of proposed solutions have been
offered to address this challenge, most suffer from significant
drawbacks, such as complexity, expense, and a requirement for significant
changes in financial transaction processing infrastructure. In addition,
virtually all fraud prevention solutions for credit / debit / charge
card products (CDC card products) focus exclusively on combating
on-line fraud, ignoring the fact that majority of fraudulent commercial
transactions still occur in off-line commerce (such as in mail and
telephone transactions).
Finally,
there are no currently available solutions that address fraudulent
activities that may be perpetrated by persons who misuse CDC card
products that were properly issued to them by a party responsible
for the financial account to which the CDC card products are linked
(their employer, parents, etc.). Byz Tek, Inc., (“Byz Tek”)
has developed a suite of patent pending independent technologies
that address all of the above challenges, that provide additional
advantages (such as targeted marketing tools), and that can work
in conjunction with other fraud prevention approaches.
Glossary:
“CFD” – Confidential Financial Data
“CDC card” – Credit / Debit / Charge Card
“FSP” – Financial Service Provider
“CFAU rules” - Customized Financial Account Utilization
rules
“BTST technologies” - Byz Tek’s Secure Transaction
technologies
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