1 Introduction

This topic introduces Thredd Protect, describes its key features, and explains how you can use it in your card payment programmes to help protect your institution and your cardholders from fraudulent transactions.

Thredd Protect is a bespoke fraud protection programme designed to guard financial institutions and cardholders from fraudulent activity. The system works in near real-time and is based on transactional data checks and calculations to flag suspicious transactions or events.

Simple to setup and manage, Thredd Protect puts you in control of the monitoring, blocking and flagging of live cards, 24 hours a day, 7 days a week. Combined with advice from our team of fraud experts, Thredd helps you to configure and control rules designed to protect your card programme.

1.1 How does Thredd Protect work?

The following diagram illustrates how Thredd Protect works to prevent fraud:

Figure 1: How Thredd Protect prevents fraud

Each step is explained in more detail below:

1. Define rules: Thredd works with you to define a bespoke set of rules based on card transactions which can, for example, alert your organisation’s fraud team or block cards, and also define configurations beyond that of default parameters.

2. Deploy rules: All authorisation data from the Thredd Apex platform is checked against your organisation’s predefined rules and logic to identify patterns of fraudulent card activity in near real time.

3. Alert triggered: Suspicious activity (as per your organisation’s rules) results in an immediate alert with an action, such as block card.

4. Action alert: Fraud Analysts/Managers can act manually, or intervention can be automated to block the card.

5. Analyse patterns: Thredd Protect helps to analyse fraud patterns over time (for example, the efficiency of rules such as false positives or confirmed fraud prevention) so your organisation can tailor rules as your programme and cardholder behaviour evolves.