Heartland Payment Systems will use Alaric's Fractals fraud prevention and detection product to monitor the 300 million card transactions it processes each month.
Fractals allows fraud analysts to create fraud detection tools to detect illegal transactions "in flight." It covers ATM, point of sale, electronic commerce and mobile payment and banking transactions. Fractals also uses proprietary mathematical models to spot and adapt to new fraud trends.
"Heartland realized that it needed a fraud system it could depend on as its volumes grow," said Mike Alford, CEO at Alaric, in a July 17 release. "[Heartland] has hundreds of thousands of merchants, from fuel stations to restaurants, processing prepaid, credit, debit and gift cards. Fraudsters are always adopting new methods to try to get past the technology."
Other large companies are also responding to emerging fraud threats from digital payments. Citigroup and U.S. Bancorp are jointly working on technology to address data security concerns surrounding digital payments.
Heartland is beefing up security as it expands its reach in electronic and mobile payments. It recently partnered with i2c for mobile alerts and other features, as has partnered with SCVNGR's LevelUp to support mobile payments at the point of sale.