Pittsburgh, PA. September 17, 2013 – GiftCards.com™, the leading website for gift cards, is sponsoring a project for a team of students in the Professional Software Engineering program in Carnegie Mellon University’s (CMU) School of Computer Science to bolster fraud detection and prevention technologies in the prepaid debit card industry.
Unlike credit cards linked to individuals, prepaid debit cards can be anonymous, creating opportunities for money laundering and the use of stolen credit and debit cards to buy gift cards for unscrupulous activity. Jason Wolfe, CEO of GiftCards.com, is establishing transaction monitoring processes that recognize and expose suspicious activity.
“We’ve invested a great deal in preventing prepaid debit card and gift card fraud, particularly on the acquiring side of the business,” said Wolfe. “We’re working with CMU to get a fresh perspective on automated processes to screen for high-risk activity indicative of fraudulent or money-laundering practices. Though these activities are not the norm, we’re addressing it proactively.”
“As one of the leading universities for software engineering, CMU works with corporations such as GiftCards.com to solve real-world problems because we follow a ‘learn by doing’ approach,” said Matthew Bass, assistant teaching professor and associate director of Software Engineering Professional Programs.
“Because many of our graduating students could end up employed in financial services, working on fraud detection and prevention systems with GiftCards.com could prove to be invaluable experience,” Bass added.
Since 1999, GiftCards.com has been providing U.S. consumers with an array of gift card products, redeemable at millions of establishments across the country. In 2012, the company delivered over one million gift cards to American homes from Boston to the Bay Area. GiftCards.com is a leader in gift card innovation with over 38 patents filed and 3 patents issued.
Carnegie Mellon’s School of Computer Science (SCS) is one of the world’s premier institutions for computer science research and education. From the beginnings of “thinking computers” through today’s intelligent tutors, their award-winning faculty, researchers and students are internationally known for consistently developing new methods and technologies that have an enduring impact on academic, scientific and commercial endeavors.