QPS Reports Blockbuster Performance by Delivering $ 100 M in Fraud Savings in 2015
ATLANTA, October 13, 2016:
Based on First 3 Quarters, QPS Poised to Further Increase Fraud Related Savings in 2016QPS Inc. (QPS), a market leader in offering fraud & risk management, card processing and analytics solutions to banks, credit unions and other financial institutions, today announced that it reviewed over 32 million transactions in the year 2015 that resulted in saving around $ 100 Million in potential fraud losses for its clients across multiple asset sizes. With a track record of mitigating fraud threats on large volume of transactions year-on-year, QPS sustains its leadership position in the payment services industry by effectively mitigating reputation risk, reducing false positives and providing significant return on investment for its clients.
As per the 2016 AFP Payment Control and Fraud Survey*, 73% of US companies were targets of payment fraud in 2015. With the advent of EMV and enhanced adoption of mobile payments, the threat is only expected to increase over the next few years. Additionally, the recent rules from the Consumer Financial Protection Bureau (CFPB) extend federal protections to people using prepaid cards similar to what they might have with a credit or debit card. As a result, the banks and other financial institutions issuing these cards will be required to limit consumers' losses when funds are stolen or cards are lost, investigate and resolve errors, and give consumers free and easy access to account information.
In such a scenario, it is imperative for mid-tier banks and other financial institutions to be at the forefront of fraud detection and protect their customers from combating fraud emanating from all payment channels including checks, cards, ACH & wire and mobile payments.
QPS's suite of risk management and fraud prevention services to retail banks, credit unions, community banks and other financial institutions block fraudulent transactions through a triple layer of protection that includes industry-leading prevention and detection technologies, expert human analysis and advanced analytics. Unlike other solution providers who rely on technology alone to combat fraud, QPS offers a one-stop fraud monitoring and prevention solution by adding a layer of human intelligence and advanced analytics that helps to not only mitigate existing fraud but also proactively identify fraudulent trends and preempt fraud before it occurs.
"In the quickly evolving modern banking industry, rule-based fraud prevention systems are becoming static and there is a need to look beyond the horizon to supplement it with real-time transaction monitoring driven by latest technologies," said Sriram Natarajan, COO QPS. He added, "QPS's highly customizable managed services approach combined with 24x7x365 days coverage helps financial institutions mitigate emerging fraud challenges emanating due to new initiatives like EMV and Same Day ACH (Faster Payments) without any disruption."
Specific functions of QPS's managed services offering to banks, credit unions, community banks and other financial institutions include the following:
Managed Services at QPS are executed through a well-structured and multi-tiered mechanism supported by fraud prevention analysts who perform a forensic review of data through a secure connection ensuring that the sensitive data never leaves the host server.
About QPS Inc.