FinTech Wednesdays — Edition#13
AI-based payment fraud prevention for eCommerce | Real-time secure checking for AML | AI-based biometric behavioural detection for transaction monitoring — Necessary innovation for fraud detection
With the cost of fraud in billions, the critical driver for the Financial Services Industry is Fraud Prevention. The figures are staggering — but nothing compared to the actual costs in lost productivity and damage to reputations and customer confidence. Added to this is the fraud that goes undetected and is impossible to account for and assess.
Fraud also damages financial performance at a time when organizations are compelled to reduce their cost-to-income ratios. Reputational damage is hard to repair and leads rapidly to loss of customers and market share. The industry is crying out for better ways to fight fraud, without high costs or barriers that prevent organizations from offering new and innovative services.
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#1 — eCommerce risk management platform for payment fraud that allows online merchants to create trusted relationships with consumers
The American company, Riskified, is an AI-based payment fraud prevention solution for eCommerce. It utilizes big data analytics and machine learning algorithms to provide payment insights that enable businesses in accepting or rejecting transactions. It also employs behavioural analytics, IP geolocation, proxy detection, order linking, social media, device, and other techniques.
KNOW MORE about Riskified and its products
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#2 — KYC and KYB screening solutions for Anti Money Laundering
NameScan is an Australian startup that offers Anti-Money Laundering and Anti-Terrorism Financing compliance software for financial institutions. The software allows for real-time secure checking of clients against lists of politically exposed, sanctioned, or special-interest persons. Besides, the platform supports financial history scanning and streamlines the due diligence process.
KNOW MORE about NameScan and its various solutions
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#3 — Prevention of Fraud with the help of unique User Behaviour
Regardless of an attacker’s chosen mode of operation, user behaviour like typing speed, swipe pattern, and mouse clicks can never be stolen, spoofed, or replicated. BioCatch is an Israeli company that provides Account Opening Protection for identifying digital behaviours, Account Takeover Protection for detecting behavioural anomalies, Social Engineering Scam Detection for identifying fraudulent behaviour on money transfers, and more. Users can integrate the tools with websites and mobile-based platforms.
KNOW MORE about BioCatch and its technology
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FINTECH quote of the week:
“Fraud is like any other virus. The fraudster will go somewhere else and mutate the fraud. We are constantly adjusting our algorithms to look for fraudulent behaviour.”
-Mathew Ratty
What is the latest in FinTech that excites you? I would love to know!
