Heralding a pivotal shift in bank card systems, Risk IDS has released the industry’s first open source card fraud prevention system. The company says this move is set to shake up the way banking decision-makers view software licensing worldwide and has left competing system vendors nervous at the prospect of their revenues being eroded by a more feature-rich platform that is free to use.
"Not only is Risk IDS completely free for banks to use but there are many features that simply do not exist in competing fraud systems," says Richard Churchman, the lead developer on the Risk IDS project. "Risk IDS provides a system for transaction fraud, application fraud and money laundering in a single integrated system. Fraud can be managed on different customer accounts yet brought together in a single customer view."
Risk IDS Releases Industry's First Open Source Card Fraud Prevention System.