5 FinTechs reinforcing financial scam detection in the US

By Gloria Mathias

The US financial sector has undergone remarkable digital transformation, bringing convenience to businesses and consumers alike. However, this surge in innovation has also led to an uptick in financial fraud and cybercrime. With the increasing number of online transactions, cyber threats have become more refined, emphasizing the need for advanced security measures to protect sensitive financial data.

A combination of cutting-edge technologies, such as AI-powered fraud detection, digital identity verification, and secure payment gateways, plays a crucial role in shielding financial institutions and users from fraud. Continuous transaction monitoring and the use of blockchain technology are also gaining traction in the battle against financial crimes.

In this evolving landscape, regulatory bodies like the Federal Reserve, the SEC, and the Office of the Comptroller of the Currency (OCC) ensure that financial institutions comply with stringent guidelines, reinforcing the security of the nation’s economic infrastructure. Collaboration between FinTech companies, cybersecurity firms, and regulators is crucial in safeguarding the monetary system and fostering an environment of trust as the U.S. embraces digital financial innovation.

Listed below are 5 FinTechs reinforcing financial scam detection in the US: 

• Alloy

Alloy is the end-to-end identity risk management platform for companies that offer financial products. Beginning with origination and account opening, Alloy provides banks, credit unions, and FinTechs with a scalable, flexible platform to manage identity risk throughout the customer lifecycle. With configurable solutions for fraud, credit and compliance risk, dedicated expert guidance and the industry’s most extensive ecosystem of data partners, Alloy helps companies deliver great financial products to more customers around the world.

• CyberCube

CyberCube delivers cyber risk modelling and analytics. With data access and advanced multi-disciplinary analytics, the company’s cloud-based platform helps insurance organizations quantify cyber risk to facilitate placing insurance, underwriting cyber risk and managing cyber risk aggregation. CyberCube’s enterprise intelligence layer provides insights on millions of companies globally and includes modelling on thousands of points of technology failure.

• Kount

Kount provides fraud prevention and digital identity solutions. It uses AI and machine learning to help businesses detect and prevent digital fraud across various channels, such as eCommerce, payments, and account creation. By analyzing transaction data in real time, Kount enhances decision-making processes to protect businesses from fraud, reduce chargebacks, and streamline customer experiences.

• Riskified

Riskified empowers businesses to unleash eCommerce growth by taking risks off the table. Many of the companies selling online rely on Riskified for guaranteed protection against chargebacks, to fight fraud and policy abuse at scale, and to improve customer retention. Developed and managed by a team of eCommerce risk analysts, data scientists and researchers, Riskified’s AI-powered fraud and risk intelligence platform analyzes the individual behind each interaction to provide real-time decisions and robust identity-based insights.

• Synctera 

Synctera’s platform gives companies of all sizes the technology infrastructure, sponsor bank connection, and compliance framework they need to launch FinTech or embedded banking products. With a single set of powerful APIs, companies are able to quickly launch and scale products such as debit cards, bank accounts, charge cards, lines of credit, and money movement. Whether you are a FinTech company or an established business wanting to embed banking into your existing product set, Synctera can help you bring your vision to life.