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5 Fraud Management platforms safeguarding banks in Europe

By Gloria Methri

January 08, 2024

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

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.

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