Monday , March 18, 2024

Galileo Teams With DataVisor to Launch All-in-One Fraud Detection Beyond Credit Cards

Galileo Financial Technologies LLC said late Tuesday it is partnering with DataVisor Inc. to enhance its fraud-detection technology beyond credit cards to include such payments options as debit cards and the automated clearing house. The new technology will also include provisioning and onboarding of new accounts.

The partnership comes as payment card fraud is forecast to rise 20% to $38.5 billion by 2027, according to Galileo. The company provides open application programing interfaces that enable fintechs and brands to create technology aimed at expanding and protecting their businesses. DataVisor, a fraud- and risk-management platform provider, is expected to enhance Galileo’s fraud-detection platform by providing artificial intelligence technology to suss out payments risks and reduce fraud losses.

“Galileo’s next-gen machine learning and AI models, risk scoring, and rules-based approach complement DataVisor’s advanced capabilities … so clients can identify fraud patterns and proactively reduce fraud losses,” David Feuer, chief product officer for Galileo, tells Digital Transactions News by email.

Fraud prevention has become a bigger focus for merchants in recent months. Research by DataVisor reveals that 75% of businesses believe developing better fraud-detection processes is important.

“With the acceleration of digital finance also comes growth in fraud,” Feuer says. “Managing fraud at scale is essential to minimize risk/loss and to maintain your brand while also protecting your customers.”

Staying ahead of fraudsters requires constant innovation in detection technology and creating adaptable products and services that can scale, adds Feuer.

“Many companies are solving various pieces of the equation, but to design the future of financial infrastructure, our clients need to be able to access all the building blocks that enable their vision, including fraud mitigation, financial products, program management, APIs, managed services, and a digital-banking core,” he says.

Suiting technology to the specific needs of clients is an increasingly important priority, Feuer says. “Galileo’s flexible API technology enables clients to customize their fraud- mitigation needs,” he says.

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