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3 RiskTech platforms protecting FinTechs against fraud in Brazil

By Delisha Fernandes

May 08, 2023

  • Artificial Intelligence
  • BNPL
  • Brazilian FinTech
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As the Brazilian FinTech industry grows rapidly, fraudulent activities are also increasing. The FinTech space has encountered a manifold rise in financial crime, particularly with the boom of financial technologies such as mobile banking, e-wallets, digital wallet payments, cross-border payments, and digital currencies. As per Statista, the fraud detection and prevention (FDP) market is anticipated to exceed $63 billion by 2023.

However, the fraud landscape is growing more complex with various illicit activities. It is evident why fraud detection and prevention have become a significant concern for modern FinTech companies.

Let’s look at 3 RiskTech platforms protecting FinTechs against fraud in Brazil

Koin is a Brazilian- based FinTech to provide a Buy Now, Pay Later (BNPL) for online transactions in a fast, convenient and bureaucracy-free – 100% secure way. The company is permanently looking to sort out business issues and has increased their portfolio of financial solutions for B2B and B2C clients. Besides BNPL, Koin has regional anti-fraud and a payment gateway solution.

PrivacyTools is a platform that solves critical security risks regarding the privacy of confidential information in digital or analogue systems. The platform is an AI (Artificial Intelligence)-based cybersecurity that enables businesses of all sizes to comply with legal and market requirements for data protection, privacy and user security.

Vault One allows financial institutions to securely guard, control, and share passwords, domain registration, cloud services, server credentials, social accounts and any other confidential data without the risk of fraud. The platform minimises the danger of data leaks and non-authorised sharing of credentials and provides a trail of evidence that can be used for audits.

Also read: Risk Management Systems and Suppliers Report Q1 2024

 

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