Periodic Reporting for period 2 - EFD (The e-wallet Fraud Detection)
Reporting period: 2016-08-01 to 2017-07-31
Survey of the Relevant Technologies
Back bone development of the system
The EFD technology will defend e-wallets in transactions at the Point of Sale directly via NFC as well as transactions done on the internet. Based on EFD's patented technology, e-wallet users will have a ""financial transaction firewall"". The EFD authorization system uses Special PIN (SPIN) identification in case of a suspicious transaction. The process runs without the acquirer or e-Wallet back office side.
The EFD technology will be part of the e-Wallet security process and will assist in minimizing friction with the e-Wallet user, while allowing the system to skip additional identification means whenever the EFD process finds the next transaction as suitable enough to the e-wallet owner’s past behavior.
The EFD back-office Cloud infrastructure would refresh and update the mobile ""financial transaction firewall” at least every 24-48 hours.
EFD’s ultra-light fraud detection algorithms and models, offers on-the-spot intervention and prevention of fraudulent financial transaction when using the smartphone. In case of fraud, EFD system may instruct the electronic wallet to block all payment means until issuing a release process (based on the issuer policy) while sending relevant information to customer and payment means issuers. The technology enables to cover all payment means that are approved for use by the smartphone wallet, achieving higher accuracy and fraud detection rates.