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Payment processor Euronet Worldwide Inc. on Wednesday announced a new fraud-monitoring service called Skylight the company says will enable analysts to write rules for monitoring suspicious transactions without needing to change software coding.
The cloud-based service comes from Euronet’s epay division and runs on Microsoft Corp.’s Azure and Amazon.com Inc.’s AWS platforms. Skylight is aimed at money-services businesses provided through retailers, digital banks and fintechs, according to Leawood, Kan.-based Euronet.
A key differentiator from other fraud-prevention services is that Skylight enables analysts using so-called wizards to write and test rules without having to change software code, according to Euronet.
“No-code interfaces empower compliance analysts to easily define and maintain business rules,” Euronet said in a statement. “Skylight frees compliance analysts from the time-consuming and resource-intensive compliance rules construction and refinement processes required by other solutions through a customizable and no-code compliance rules wizard. Using intuitive user interfaces, the Skylight wizard enables compliance analysts to define their rules simply without writing or editing any code or involving internal IT or other departments.”
The system lets analysts test rules in trial mode in which the platform uses real data to measure a rule’s productivity without creating unnecessary alerts, Euronet said. Skylight also offers analytics and other fraud-mitigation options. The service currently is available only in the United States but will be expanded worldwide at an undisclosed time, according to Euronet.
Euronet’s epay segment generates commissions and processing fees from the distribution of electronic content and from telecommunications providers selling prepaid mobile “top-up” airtime. Epay’s network includes 816,000 point-of-sale terminals at 358,000 retail locations in Europe, the Middle East, Africa, and the United States. Originally focused on mobile top-ups, epay now gets two-thirds of its revenues from the sale of prepaid cards and distribution of electronic products such as music, games, software, and other content, according to a Euronet regulatory filing.
Euronet’s Skylight service launches at a time when cybercriminals show no signs of slowing down. A recent Visa Inc. report says more than $3 billion in cryptocurrency was stolen in 2022. And instances of digital skimming, a tactic in which criminals deploy malicious code onto a merchant’s checkout page to scrape and harvest customer payment account data, more than doubled, according to the report.
