Payment Fraud Prevention

Author: NetGuardians

Payments Cash Management Retail Payments

With traditional methods and rule-based solutions in the market, too many false positives are generated, and fraud detection is reactive. NetGuardians’ AI platform detects fraudulent transactions in real-time, reduces the number of false positives by 83%, fraud management time by 93%, discovers new fraud types, and reduces fraud losses.

Using NetGuardians’s pre-defined AI risk models, banks are able to tackle Payment fraud challenges by detecting suspicious payments coming from social engineering techniques or scams such as invoice redirection, love scams, CEO-fraud and others

NetGuardians transaction scoring module enables transaction blocking on Fusion Global PAYplus, Fusion Cash Management (FCM) and Fusion Essence. When a fraudulent transaction is detected, the transaction is blocked and an alert is generated in real-time and routed to the relevant stakeholders through risk dashboard and forensics tools to determine the reason of the transaction being blocked.