Advanced Fraud Solutions, a leader in fraud prevention services for financial institutions, and Q6 Cyber, a leading provider of cyber threat anti-fraud intelligence, announced that they have partnered to integrate Q6 data feeds directly into the TrueCards® fraud prevention software platform.
TrueCards® is a powerful tool allowing financial institutions' fraud teams to proactively and holistically monitor card holder transactions for test sites, breaches, and common points of compromise (CPC). Q6 Cyber employs a unique 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 cutting edge proprietary technology, Q6 delivers timely, targeted, and actionable intelligence that allows financial institutions to direct and prioritize resources against the most relevant threats and adversaries.
The integrated solution will feed Q6's powerful data directly into the back-end of TrueCards®, delivering valuable insights and substantial fraud loss savings. The joint solution will provide financial institutions with two critical benefits. First, it will proactively identify payment cards that have been hacked or compromised, well before such cards are ever used fraudulently. And second, automate the common points of compromise analysis, seamlessly detecting breached merchants so that fraud investigators can proactively 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."
About Advanced Fraud Solutions
Advanced Fraud Solutions has been a trusted leader in providing fraud mitigation tools to the financial institution market for over a decade. Our products address a wide range of needs that the financial institution has, including card fraud, check fraud, and online banking fraud. Advanced Fraud Solutions is committed to providing cutting-edge technology and unparalleled service, combining customer feedback with our trusted fraud prevention knowledge to build innovative products, and improve upon our established solutions. In 2010, Advanced Fraud Solutions began establishing partnerships with other industry leaders, allowing the financial institution to leverage their existing infrastructure to deploy our fraud prevention solutions. Today, we have over 600 financial institutions nationwide utilizing a wide variety of fraud prevention tools, yet still subscribing to the idea that sharing high-risk information is the best approach to fighting fraud. For more information on AFS, please visit www.AdvancedFraudSolutions.com.
About Q6 Cyber
Q6 Cyber is an innovative threat intelligence company based in the USA and Israel. Q6 monitors the "Digital Underground" (including the DarkWeb and DeepWeb) to proactively identify and eliminate cyber threats and fraud. Q6 comprehensively monitors cybercriminal and fraudster marketplaces, communities, networks, and forums to spot relevant threats before they materialize into fraud losses or damaging breaches. This highly targeted and actionable intelligence is presented in an easy-to-use format so that clients can take action quickly and effectively. Q6 is led by seasoned professionals with decades of experience in US and Israeli intelligence and law enforcement agencies. Q6 serves large enterprise customers around the world, including many of the leading financial institutions. Get ahead of fraud and protect your organization and customers with Q6. Learn more at https://q6cyber.com.
— via PRNewswire