back Back

5 Fraud Management platforms safeguarding banks in Europe

By Gloria Methri

January 08, 2024

  • Anti-Money Laundering (AML)
  • Europe
  • Featurespace
Share

Fraud, Risk Management, AI, ML, Financial Crime, FinTech, EuropeThe FinTech space has encountered a manifold rise in fraud and financial crime, particularly with the boom of financial technologies such as mobile banking, e-wallets, digital wallet payments, cross-border payments, and digital currencies.

Combatting online criminals requires progressively more powerful technology as fraudsters apply more sophisticated techniques, and the rise of artificial intelligence has only increased the number of tools in a criminal’s arsenal.

Scammers break anti-fraud systems to steal credit card details and personal information to use a victim’s online wallet and bank account. Phishing links are another way victims fall prey to and grant the attacker access to their devices, such as payment links.

To address this issue, FinTechs have created innovative solutions that help financial institutions and organisations to detect and prevent fraud. To better identify and mitigate potential risks, these solutions are supported by sophisticated algorithms, Artificial Intelligence (AI), Machine Learning (ML), and data analytics.

Here are five fraud management platforms safeguarding banks against financial crimes in Europe:

Featurespace is a specialist in Enterprise Financial Crime prevention for fraud and Anti-Money Laundering. The company’s two major inventions are Adaptive Behavioral Analytics and the ARIC platform, which is a real-time machine learning software that risk scores events in more than 180 countries. Over 30 major global financial institutions including HSBC, TSYS, Worldpay, NatWest Group, Contis, Danske Bank, ClearBank and Permanent TSB are using the ARIC RiskHub to protect their business and their customers.

NetGuardians is a FinTech company recognized for its anti-fraud and risk mitigation solutions. Using smart behavioural analysis methods, it has designed technology that quickly identifies atypical activity, effectively controls data leaks, and alerts its customers to potential internal fraud.

Bundled for the banking sector, the solution can also be easily configured for any field of activity. NetGuardians is the fraud-prevention partner of major banking software companies, including Finastra, Avaloq, Mambu, and Finacle.

Founded in 2019, Resistant AI uses artificial intelligence and machine learning to provide identity forensic solutions that protect automated financial services from fraud and manipulation, including customer onboarding, AML, and existing fraud detection systems.  The Resistant AI founding team has a deep background in machine learning, AI, and computer security with more than 15 years of experience applying AI in the computer security domain.

SEON is an online fraud prevention platform that detects and stops fraud in real time through transactional data analysis. SEON’s advanced AI-based solution helps companies radically improve their eCommerce risk assessment accuracy, reduce false declines, and block fraudsters before they act. SEON also comes with anti-money-laundering (AML) functionality, enabling fraud teams and Money Laundering Reporting Officer officers to collaborate in one space.

Sumsub is an identity verification platform that offers its customers a unified flow to verify users, businesses, and transactions, along with monitoring and reporting tools.

Sumsub’s customizable KYC, KYB, transaction monitoring and fraud prevention solutions, help its users orchestrate their verification process, welcome more customers worldwide, meet compliance requirements, reduce costs and protect their business. The company has over 2,000 clients across the FinTech, crypto, transportation, trading and gaming industries including Mercuryo, Bybit, Huobi, Unlimint, DiDi, Poppy and TransferGo.

ALSO READ: Risk Management Systems and Suppliers Report Q3 2023

Previous Article

January 08, 2024

Thirdstream & Thales team to boost in-person identity verification in Canada

Read More
Next Article

January 08, 2024

Origence & Tesla partner to offer affordable EV financing

Read More








IBSi Daily News Analysis

South East Asia

February 28, 2024

Anti-Money Laundering (AML)

FinTech penetration in Southeast Asia will double by 2027, research reveals

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

Today

DCB Bank leverages NPST’s ODR solution for dispute management

Read More

February 28, 2024

Owlin launches AI-based Due Diligence solution for banks

Read More

February 28, 2024

iGTB Intellect deploys its CTX platform for Societe Generale

Read More

Related Reports

Sales League Table Report 2023
Know More
Global Digital Banking Vendor & Landscape Report Q4 2023
Know More
Wealth Management & Private Banking Systems Report Q4 2023
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q4 2023
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023