News from the Wire

Comdata deploys IRIS to combat card fraud

Friday, November 07, 2008 — 17:18:25 (EST)

Brentwood, Tenn., Nov. 6, 2008 -- Comdata® Corporation, a leader in payment innovation, has deployed the IRIS fraud prevention solution to protect all of its payment methods and combat card fraud. IRIS is deployed in data centers in both Brentwood, Tenn, and Louisville, Ky.

IRIS is a software solution that assesses electronic payments with respect to fraud and risk, intercepting suspicious transactions within the authorization process. IRIS detects typical transaction patterns of fraudulent customers and intercepts funds withdrawal early on.

“IRIS was the best solution for us because it supports our 24/7 demands and has a high degree of configurability that complements the needs of business,” said Freddy Ramirez, vice president of risk management, Comdata. “IRIS Analytics provided us with at truly optimized product for our daily needs of fighting fraud.”

As part of Comdata's vendor selection process, Comdata conducted a blind test in which it provided a set of anonymous transaction data to be run through each vendors system. Transactions assessed to be fraudulent were then reported back.

“The IRIS blind test results exceeded our expectations,” said Paul Cogswell, vice president of enterprise risk and compliance at Comdata. “While our original scope was to prevent third-party related fraud, IRIS now acts as our second line of defense against application fraud, thus minimizing the financial impact of first payment default.”

About IRIS® 4

IRIS® 4 is the flagship software product of IRIS Analytics. It combines more than 15 years of real-time fraud prevention experience with state of the art software technology. IRIS is based on service oriented architecture (SOA), can be implemented with any IT environment, embraces open standards and uses Internet browsers as user interface. The service oriented architecture allows scaling IRIS from small applications with less than a million accounts with a very small footprint to large applications with 100 million accounts and distributed/redundant data centres. In standard issuer type fraud prevention applications, a single IRIS instance can process up to 5'000 transactions per second with latencies below a millisecond. Each transaction assessment includes evaluation of transaction specific histories (aka profiles) in multiple dimensions (aka fingerprints) to detect even the most complex fraud patterns securely from genuine transactions. One key differentiator of IRIS is that it does not rely on consortium data or any external provider to create high-quality models. IRIS comes with a built-in model generator that enables its users to create full decision models within hours and incremental decision models within just minutes. These models are completely custom-built and fully adapted to the specific fraud patterns that occur in a given portfolio. Because IRIS users do not have to rely on any external party, turn-around times for new models are dramatically shortened, directly translating to loss savings.

About Comdata Corporation

Comdata® Corporation is redefining the movement of money and information through innovative payment solutions. Comdata provides custom solutions for a wide range of industries such as transportation, retail, government services, aviation, construction, service businesses, restaurants and hospitality. Innovative electronic payment solutions range from credit and debit cards, fleet, fuel, payroll, purchasing and T&E. Comdata's platforms support both its proprietary and branded card networks. Headquartered in Brentwood, Tennessee, Comdata employs more than 1,100 people. www.comdata.com .

About Ceridian

Ceridian Corp. is a business services company that helps its customers maximize the power of their people, lower their costs and focus on what they do best. The company's suite of innovative managed human resource solutions includes payroll and compensation, employee benefits administration, staffing, compliance, HR administration and Employee Assistance Programs (EAP), work-life and health and productivity solutions. Ceridian serves businesses and employees in the United States, Canada and Europe. For more information about the human resource outsourcing company's comprehensive array of solutions, visit www.ceridian.com or call (800) 729-7655. Through its Comdata and Stored Value Solutions (SVS) subsidiaries, Ceridian is a major payment processor and issuer of credit cards, debit cards and stored value cards, primarily for the trucking and retail industries in the United States. www.ceridian.com .

About IRIS Analytics GmbH

IRIS Analytics is a software and consulting company that develops and markets the IRIS fraud prevention software product and related services to financial service institutions across Europe and North America. The company was set up in 2007 in order to acquire assets and take over the business of IRS Intelligent Risk Management Solutions GmbH, a subsidiary of First Data Corporation, under the terms of a management buyout.

In addition to the delivery of turn-key solutions, IRIS Analytics also provides related consultancy and professional services surrounding fraud prevention operations. All senior consultants have more than 10 years of experience with day-to-day fraud fighting with world leading payment system providers. IRIS Analytics is headquartered in Bad Vilbel near Frankfurt, Germany. www.iris.de .

The Green Sheet Inc. is now a proud affiliate of Bankcard Life, a premier community that provides industry-leading training and resources for payment professionals. Click here for more information: bankcardlife.com?orid=33533&opid=1 .

Source: Company press release.