iCard reduces card acquiring fraud levels three times in only 90 days after the deployment of NOTO

Leveraging the NOTO Decision making engine, iCard changed its approach to fraud detection from the incumbent inflexible and cumbersome fraud system to a dynamic, complex rule-based decision making 3rd party solution.

Customer company profile

iCard AD is an EU Electronic Money Institution (2011) and EU Payment Processor, licensed under the Payment Services Directive (PSD 2007/64 EC) and E-Money Issuers Directive (2009/110/EC), EU passport right for all EEA countries. iCard AD issues prepaid, debit and credit cards for own customers and white label products and cards for 3-rd party financial institutions, mobile phone operators and other businesses. The company employs more than 250 young fintech specialists, software engineers, web developers, finance experts, customer support and compliance personnel in Europe.

iCard is a Principal Member, directly integrated with Mastercard, VISA, JCB and Union Pay and a number of domestic card schemes and payment systems. The company holds an issuing license from Mastercard and Visa and an acquiring license from Mastercard, Visa, JCB, AMEX, Union Pay.

The cards issued by iCard are accepted at more than 30 million merchant outlets worldwide and 1.4 million ATMs in 210 countries and territories. iCard has an independent and own authorization center and is PCI DSS Level 1 Certified.

iCard is an indirect participant in SEPA, EPC and SEPA Direct Debit (SDD), providing fast and secure SEPA credit transfers and direct debits. The company is also a SWIFT member since 2008 and works with 12 correspondent banks and holds nostro accounts in 10+ currencies.

Our brands

iCard Digital Wallet | iCard for Business | iCard Credit | iCard Direct | iCard ATM | PremioCard | GiftCard


iCard as a financial and e-money institution provides various services to its clients – from card acquiring services, card issuing, e-money accounts, white label products to payout solutions and ATMs. All these services are inherently exposed to significant risks. Successful mitigation of these risks requires implementation of stringent control procedures and monitoring mechanisms.

By 2017, significant continued growth in year-on-year transaction volumes lead to a respective surge of fraud and chargebacks levels. The existing home-grown solution was unable to cope with the new challenges when it comes to fraud detection and prevention. The business growth required a new type of solution that could help resolve the restraints of the legacy setup and in-house tools:

  • Slow rule creation process requiring software development;
  • A lot of rule creation restraints, when it comes to rule complexity, input and output data.
  • Automated monitoring of the whole client cycle – from enrollment to termination;
  • High manual reviews rates;
  • High false positive rates;

All these system restraints and the intensification of European AML legislation in the quotes of PSD1 and PSD2 leaded to the logical conclusion that the current setting would not be suffice to face the new challenges


We chose NOTO after a detailed research among several competitors in the Regtech marketplace. Our main goal was to select a supplier which will provide complex solutions covering all of our cases i.e.:

  • Clients enrollments
  • Login events
  • Merchant on-boarding
  • E-money accounts/online banking protection
  • Internal transfers
  • Card acceptance transactions monitoring and fraud prevention
  • Monitoring of issuing transactions and fraud prevention
  • AML/Compliance tool
  • Wire Transfers

In addition to above expectations about the potential software our demands were for:

  • Easy and fast integration
  • Relatively low-price levels
  • Flexible and user-friendly interface
  • Access to a reliable technical & product support
  • Customization of the provided service

“Luckily, all our needs were met by a single solution. The integration and introduction were smooth as well great post-implementation technical support. The new software completely changed the overall process and workflows within the Risk Department in an effective and less time-consuming way.”

Martin Marinov
Head of Risk at iCard


Notolytix’s Fraud Management solutions have proven to be very flexible, reliable and effective solutions for iCard. Our fraud cost declined quickly after the go-live date. Further chargeback reduction is being observed and we continue to see improvements almost two years after deployment.”

Martin Marinov
Head of Risk at iCard


As a result of deploying the Noto decision making platform, iCard has accomplished its goal of enabling faster decision-making and better reporting. Several essential achievements are:

  • 3 times reduction of fraud rates;
  • Reduced referral rate of transactions sent for manual review;
  • 50% reduced chargebacks;
  • More efficient use of time; – both for manual reviews and rules creation/deployment;
  • Reduced of system decline transactions with more than 41,5%
  • Increase of acceptance rate
  • Increased customer satisfaction with lower false positives
  • Creation of multiple accounts was eliminated.
  • Efficient, comprehensive AML screening was achieved