Velocity checking is the functionality to decline or approve a transaction based on real time rules applied to transactions, these might include things like:
- checking how many times a credit card has been used in last x hours
- checking how much was spent on the same credit card in the last x hours
- checking to see if the credit card appears on some white or black list
- combinations and variations of amount spent, number of times encountered, and inclusion/exclusion from lists.
Rules are applied real time (before the transaction is submitted to the bank), minimizing the risk of fraudulent transactions. These rules are put into place to prevent any fraudulent activity that may be attempted on your account giving you an added level if peace of mind that your accounts are protected.
For information on another one of our Fraud prevention systems please click here
What is payment fraud click here to find out.
What does Bambora do for Payment fraud find out here
What can i do to prevent Payment fraud? Find out here