Canada-based business solutions provider Symcor has launched a new solution ‘Payee Verify’, which has been designed to detect fraudulent activities during account-to-account transfers, thereby preventing Canadians from falling victim to authorised push payment (APP) fraud.
By combining artificial intelligence and networked data, Symcor’s ‘Payee Verify’ is able to assess the potential risks associated with outgoing transactions in real-time, mitigating the risk of fraudulent payments before they are processed.
The new solution can be integrated into financial institutions’ (FIs) existing payment infrastructure, helping to prevent suspicious transactions from being processed. In turn, FIs maintain customers’ trust, avoid the need for fraud investigations and maintain lower operational costs.
“Symcor’s Payee Verify safeguards consumers and bolsters confidence in the financial marketplace by enhancing due diligence on the payee side,” said Sanjeev Chib, vice president, digital security solutions at Symcor.
“As fraudsters exploit the rapid and often irreversible nature of account-to-account payments, they capitalize on the limited fraud protection available to individuals who may not recognize the tactics used by malicious actors.”
Losses as a result of APP fraud are expected to reach $6.8 billion by 2027 across markets including the US, UK, Australia, India, Brazil and Saudi Arabia, according to the ACI Worldwide Scamscope report.
“For more than a decade, Symcor has been dedicated to assisting financial institutions in fortifying their defenses against emerging fraud risks through the COR.IQ suite of fraud management solutions,” said Saba Shariff, senior vice president, chief strategy, product and innovation officer at Symcor.
Shariff added: “The introduction of Payee Verify, a real-time transaction monitoring solution built on a market-leading fraud platform, underscores our unwavering commitment to fostering a secure and innovative financial ecosystem.
“By addressing a critical gap in risk management, Payee Verify empowers risk management teams with a robust tool to proactively combat Authorized Push Payment fraud.”
Symcor’s Saba Shariff is speaking at Open Banking Expo Canada 2024 in Toronto, on June 11 – find out more about the agenda and register for your ticket here.
