Fintech & Ecommerce

Alacriti and Socure Team to Prevent Payment ID Fraud

Payment fintech Alacriti announced the beginning of cooperation with Socure to prevent fraudulent activity committed during instant payments and using personal data.

Alacriti and Socure Team to Prevent Payment ID Fraud

Source: Pixabay.com

Mark Majeske, Senior vice president for faster payments at Alacriti, said that instant transactions in terms of security require solutions that are implemented in real-time. He also noted that many of the tools used by fraudsters do not yet allow them to achieve criminal goals in the case of prompt counteraction.

As a result of the partnership, financial institutions (FIs) will have access to Socure’s fraud prevention solution, which is fully integrated with Cosmos, the Alacriti payment center. This center, which uses the Orbipay platform, allows FIs to provide its customers with advanced money transfer services while reducing operating costs and speeding up time to market.

Orbipay AIQ from Alacriti is a cloud-based tool based on machine learning. This tool is designed to counter fraudulent encroachments and minimize other risks that are associated with the procedure of making instant payments.

Transactions are processed through payment systems such as the RTP network of the Clearing House (TCH), the FedNowSM service, and Visa Direct, and also pass through regular payments such as ACH or bank transfers.

Keith Gray, Vice President of Strategic Partnership at the Clearing House, said that recently more and more banks and credit unions have been using the RTP ® network to send instant payments, which is why the importance of access to anti-fraud tools is increasing.

In the USA, a special study found that many consumers are afraid to make digital bank transfers because of the risk of fraudulent interference in this process. The results of the survey of Americans say that last year 36% of respondents did not use bank transfer services due to security risks. Another 34% of consumers categorically do not refuse digital transactions but have certain concerns about the likelihood of fraud.

As we have reported earlier, BNP Paribas Selects Worldline to Reduce Iban Fraud in Sepa Direct Debits.