4 FinCrime Compliance firms boosting payment security in Europe

By Gloria Methri

In today’s digital age, online transactions have become an integral part of everyday life, driving the growth of eCommerce and digital banking. However, this shift towards digital payment has also exposed consumers and businesses to increased risks of fraud and financial crime.

With cyber threats becoming more sophisticated, the importance of robust security measures cannot be overstated.

Effective fraud prevention safeguards financial assets, and fosters trust and confidence among consumers, which is vital for any business’s long-term success. In response to these challenges, payment intelligence firms have emerged as essential players in the fight against fraud, utilising advanced technologies to secure transactions across Europe.

Here are 4 companies employing innovative technologies to combat fraud and protect financial assets.

• Fiscal Technologies

Fiscal Technologies, based in the UK, specialises in fraud prevention solutions aimed at enhancing financial security in the public sector and other industries. Its flagship product, FISCAL, leverages data analytics to monitor transactions and identify potential fraud in real time. By automating the transaction review process, Fiscal Technologies enables organisations to detect anomalies efficiently, streamline operations, and ensure compliance with financial regulations.

• Fraugster

Fraugster, headquartered in Germany, uses artificial intelligence and machine learning to provide advanced fraud prevention solutions for online payments. It is a platform that analyses transaction data in real-time to detect fraudulent activities, allowing businesses to reduce chargebacks and enhance approval rates. By offering customisable risk scoring and predictive analytics, Fraugster empowers merchants to make informed decisions about transaction security while improving the overall customer experience.

• Ravelin

Ravelin, based in the UK, is dedicated to combating online fraud for eCommerce businesses through machine learning technology. Its platform assesses the risk associated with each payment transaction by analysing various data points, including user behaviour and historical patterns. Ravelin’s real-time fraud detection capabilities not only help merchants minimise fraudulent activities but also reduce the likelihood of false declines, which can negatively impact legitimate sales.

• Salv

Salv is a financial crime compliance firm that empowers financial institutions to thwart financial crime with a SaaS platform that detects money laundering. Using the world’s first fincrime platform that enables intelligence sharing, Salv helps banks, FinTechs, and payment service providers fight financial crime more effectively and recover 80% more stolen funds.

The platform allows customers to select the specific tools they need to fight crime more effectively. These include real-time customer and transaction monitoring, transaction and customer screening, intelligence sharing and collaborative investigations.