Form3 and Feedzai launch APP fraud solution for the UK market
By Gloria Methri
Form3, the cloud-native account-to-account platform, has launched a push payment fraud (APP fraud) prevention solution powered by Feedzai. The new product is built using fully supervised machine learning to leverage collaborative intelligence to understand the behaviour of both the payment sender and recipient and to determine the risk of the payment being made in real time.
The new APP Fraud Solution works by combining Form3’s account-to-account payment processing with Feedzai’s fraud and financial crime analytics. This model is trained to identify risk in both the individual sending the money and the person receiving the money. Understanding who is receiving the money is key to preventing fraud, as APP fraud involves impersonation that manipulates the victim into sending the money.
This new solution closes the gaps in intelligence that fraudsters use to make faster payments and target UK consumers and businesses.
Mike Walters, Form3’s CEO, said, “The best way to tackle the rise of APP fraud is the use of collaborative intelligence and cutting-edge technologies that allow the real-time identification of scams within the payment message. Feedzai is the solution provider of choice for two of the top four financial institutions in the UK, so we are partnering with a market leader to combat APP fraud.”
Pedro Barata, CPO at Feedzai, added, “There is increasing regulation in this space, and rightly so – we’ve got to do everything in our power to protect the end consumer from APP fraud. With reimbursement becoming mandatory from October this year, it’s also in the interests of all banks to collectively ensure they prevent fraud and save huge payouts. By combining the expertise of Feedzai and Form3, we can drastically reduce the level of vulnerability in the payment process and give our customers the real-time intelligence that they need to stop fraudsters in their tracks.”
The service will go live in April, with a full rollout in the UK market expected in the summer of 2024 – ahead of the implementation of the new rules in October 2024.
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