MARKHAM, ON, MAY 14, 2020 – Everlink Payment Services Inc. is pleased to announce that Enterprise Fraud Monitoring is here! Whether you’re an Issuer, Acquirer or a Merchant, Everlink continues to develop innovative, industry-leading, payments solutions so you can continue to serve your clients with leading-edge technology and differentiate your financial institution in the new digital payments landscape.

In February 2020, Everlink provided an overview of its Roadmap for the year during a monthly Solutions Series Webinar, outlining plans for market introduction of new products and services in each of its Lines of Business. Building on Everlink’s highly successful eDETECT™ debit card transaction monitoring solution, eDETECT+™ is an enterprise solution which monitors multiple channels, offering a 360-degree view of account holder activity. This provides Everlink with the capability to amalgamate diverse fraud monitoring efforts under a single umbrella for its clients, while also streamlining investigation efforts and minimizing false positive alerts.

Today, Everlink launches its enterprise fraud monitoring solution, eDETECT+™, designed to consolidate both financial and non-financial activity, greatly enhancing our ability to predict fraud before fraud losses are incurred. For Everlink’s Fraud Management Team, the effort is heavily focused on providing partners and clients with an additional layer of defense, by enhancing our current debit card fraud monitoring solution to a full, multi-channel, enterprise risk monitoring solution.

The global rise of digital financial services has increased the need and urgency for Financial Institutions to secure digital payment channels as well as digital and remote account access. With this increase in digital services, there is a corresponding increase in fraud across the growing number of digital channels, as well as access and account-holder self-serve contact points. During Interac’s 2019 #SafeNotSorry experiment they uncovered that:

•  84% of Canadians could not identify suspicious requests to accept money transfers,
•  63% of Canadians could not identify risk in verifying personal banking credentials,
•  82% of Canadians would click on a realistic looking phishing links.

Based on these statistics alone, it’s no surprise that digital channels pose increasing risk exposure to Canadian Issuers. Everlink’s eDETECT+™ platform is equipped to monitor these risks and make decisions in real-time to protect Issuers and account holders alike. Leveraging the power of consortium data, aggregated from the experience of thousands of financial institutions, millions of account holders and billions of transactions, Everlink is confident that the additional layer of defense provided by eDETECT+™ will greatly enhance our ability to protect our clients and interrupt fraud early in its tracks.

eDETECT+™ offers a layered approach to fraud detection. Everlink’s fraud prevention arsenal includes eSCORE™, a fraud scoring process based on data modeling via machine learning tools, SMS fraud notification alerts for two-factor authentication, AVS (Address Verification Service) validation, profiling of cardholder behavior, and so much more. Everlink’s fraud strategy for issuers offers real-time and near-real time decision making on various money movement transactions including e-transfers, bill payments, credit and debit card-initiated transactions, etc., AML (Anti-Money Laundering) rules for fraud and compliance reasons, KYC (Know-Your-Customer) profiling, device profiling, and internal fraud monitoring.

“This is another example of how Everlink continues to work with our clients to combat the always-changing threat of malicious activity,” says Mark Ripplinger, President and CEO of Everlink. “Everlink’s eDETECT+™ Fraud Monitoring Solution is another layer of defence that can be used by all of Everlink’s partners and clients. Today’s launch of eDETECT+™ illustrates Everlink’s desire to be at the forefront of fraud management solutions, providing the very latest and most capable tools available to reduce fraud exposure for our clients and their account-holders.”

Under the eDETECT+™ umbrella, Everlink will be offering new services to ATM acquirers, Issuers, and Merchants. As of today, eDETECT+™ is capable of monitoring ATM acquired transactions in real-time, with the ability to decline high risk, potentially fraudulent transactions on the spot, therefore reducing fraud losses.  In addition to eDETECT+™ situational and profiling rules, fraud monitoring for ATM acquired transactions also incorporates the use of the ATM scoring model via eSCORE™. This machine learning model will score ATM acquired transactions to better predict probability of fraud, and minimize impact of false real-time declines to legitimate customers. Adding the eDETECT+™ fraud monitoring solution for ATM acquiring to our arsenal of protection will greatly minimize the potential for fraud losses to clients by enforcing real-time declines at ATMs.

In the coming months Everlink will continue sharing information on the new and enhanced payments solutions, including additional features of eDETECT+™:

•  ATM Acquiring – Transaction and Device Monitoring – transaction reversal fraud, cash-out schemes etc. (Q2 2020)
•  Issuer Enterprise Fraud Monitoring – digital channel transaction monitoring (money movement – account2account & person2person, bill payments, etc.) (Q3 2020)
•  Merchant (H2H) Fraud Monitoring (Q3 2020)
•  Issuer Enterprise Fraud Monitoring – AML, KYC and compliance (Q4 2020)

For additional information on eDETECT+™ and other fraud management solutions, please contact your Everlink Account Executive or Client Service Delivery Manager.

Everlink Payment Services Inc. is a leading provider of comprehensive, innovative and integrated payments solutions and services for credit unions, banks, and SMEs across Canada. In addition to supplying best‐in-breed technology infrastructure and payment network connectivity, we offer a comprehensive range of integrated payments Lines of Business including: Payment Network Gateway, ATM Managed Services, Card Issuance & Management, Fraud Management Solutions, Mobile Payments, Professional Services and SME Solutions.

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