As digital transactions surge and cyber threats evolve, these tools offer fintechs, financial institutions and businesses advanced real-time fraud detection and risk management capabilities, addressing an industry in which 63% of financial firms reported an increase in fraud, with digital channels contributing to half of the total fraud losses.

Galileo Instant Verification Engine

Galileo Instant Verification Engine (GIVE) provides real-time verification of external bank accounts and ownership. Whether used as a standalone product or integrated with the Galileo Payment Risk Platform (PRP), GIVE delivers real-time insights that help businesses prevent fraud by quickly verifying account existence, status, and ownership before processing transactions.

GIVE is further enhanced by its integration with the Galileo Payment Risk Platform, which uses a sophisticated Transaction Decision Rules Engine. This engine applies customizable models, rules and profiles to each transaction, allowing for real-time, automated fraud prevention decisions tailored to the specific needs and risk appetite of each business.

The key benefits of GIVE are:

• Instant Account Verification: GIVE instantly verifies external bank account information, confirming its existence, status, and risk signals. This enables Galileo clients to make informed decisions when linking accounts or processing transactions, such as determining account status and risk associated with the account.
• Instant Identity Verification: GIVE ensures that only authorized individuals can transact by verifying the ownership of external bank accounts. It matches the account holder’s name and personal information — such as social security number (SSN), date of birth, and address — against the provided owner details, which is particularly useful for preventing identity fraud.
• Account Risk Profiling: By leveraging machine learning, the Galileo Instant Verification Engine generates risk scores that assess the probability of ACH returns and non-sufficient funds (NSF) issues, providing a comprehensive view of account reliability. This enables businesses to predict funding issues and take proactive measures to prevent them.
• Seamless User Experience: GIVE supports “me-to-anyone” and “anyone-to-me” use cases without requiring customers to input their credentials for external accounts, ensuring a frictionless and secure transaction process.

The Galileo Instant Verification Engine significantly reduces the risk of fraud by providing real-time verification of external bank accounts and ownership, cutting verification times from days to seconds. This minimizes customer drop-offs — reducing abandonment rates from nearly 50% based on a traditional method such as MDA (Micro-deposit Authentication) to as low as 1% — and delivers a smoother, more reliable customer experience across multiple channels, including ACH, FedNow, Wires and check deposits.

Transaction Risk GScore

Transaction Risk GScore is a machine-learning-based risk score that assesses the risk of card transactions in real time. By analyzing multiple data points, such as user behavior and transaction patterns, GScore enables financial institutions, fintechs and businesses to detect and respond swiftly to potential fraud, reducing losses and ensuring more efficient operations.

GScore supplements the existing enhanced capabilities in Payment Risk Platform by adding a layer of fraud signals while allowing the client to determine the risk appetite based on the multiple model responses. GIVE and GScore are designed with scalability in mind, ensuring they can grow alongside your business.

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Cumulative online payment fraud losses are expected to total $343 billion between 2023 and 2027, and today the average U.S. consumer uses between three to four different fintech apps. With the increased adoption of digital financial apps, fintech companies need solutions to reduce fraud while providing a seamless customer experience. The partnership between Fingerprint and Oscilar delivers a powerful combination of highly accurate device intelligence and a no-code, AI-powered risk decisioning platform to help fintechs achieve this goal.

“By joining forces with Oscilar, we empower customers to strike the perfect balance between user convenience and robust security,” said Dan Pinto, co-founder and CEO of Fingerprint. “We are committed to providing businesses with the most reliable, efficient and secure solutions to protect their assets and safeguard their customers’ trust.”

Fingerprint’s device intelligence platform uses its proprietary Smart Signals to provide a unique identifier for every user touchpoint with up to 99.5% accuracy. With this enhanced, actionable intelligence, fintech companies can make faster, more informed decisions about their traffic.

Oscilar’s no-code, AI-powered platform enables fintechs, banks, and credit unions to manage fraud, compliance, and credit risks. The Oscilar platform redefines risk management with its no-code, AI Risk Decisioning platform, allowing organizations to quickly adapt, test, and deploy risk decisioning policies, minimizing reliance on engineering resources.

The partnership enables fintech, banks, and credit unions to leverage Fingerprint’s device intelligence in various user flows throughout the customer journey within Oscilar’s platform, in order to prevent use cases such as new account fraud, account takeover, and payment fraud.

Customers can access:

• A no-code/low-code and natural language based risk platform that enables fast, easy deployment of risk models, allowing companies to save engineering resources and integrate third-party data sources, such as Fingerprint, quickly with a single API.
• Highly accurate device intelligence, including DeviceID and Smart Signals for every stage of the customer journey.
• Automated risk decisioning with real-time insights, helping fintechs, banks, and credit unions reduce fraud and improve customer experience while speeding up fraud and risk operations dramatically.

“We founded Oscilar to revolutionize risk management for fintechs, banks, and credit unions. Partnering with Fingerprint is a natural fit,” said Sachin Kulkarni, co-founder and chief technology officer at Oscilar. “By integrating their unparalleled device intelligence into our no-code platform, we’re making it easier than ever for our clients to automate risk decisioning, reduce fraud and deliver the seamless experiences their customers deserve.”

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Since partnering with DataVisor, DCI has successfully integrated and deployed the platform’s cutting-edge fraud and risk technology into its iCore360® core banking software, supporting ACH and transaction fraud protection across dozens of community banks. In the next phase, DCI plans to expand this offering to an additional 200+ clients in 2024, further rolling out DataVisor’s technology to protect real-time payments and wire transactions. This enhancement marks another major step toward enhancing defenses against a spectrum of banking fraud, including application and identity theft, account takeovers, real-time payments and money laundering.

“At DCI, we’re steadfast in our commitment to helping our customers create a secure space for banking transactions with the most advanced solutions,” said Sarah Fankhauser, President and CEO of DCI. “Within the dynamic landscape of mobile and digital offerings, our goal is to protect every real-time payment and transaction. Our partnership with DataVisor has been transformative so far, with their cutting-edge technology helping us to achieve that vision. The seamless adoption of DataVisor’s platform has not only streamlined our operations but has also enabled us to pursue an ambitious expansion plan to help all our community bank customers fight fraud effectively. We’re confident that our strategic partnership will drive continued growth and success through 2024 and beyond.”

“I’m excited about the initial success of our partnership with DCI and its expansion of DataVisor solutions to support more banking customers in 2024,” said Yinglian Xie, CEO and Co-Founder of DataVisor. “This expansion will not only aid DCI in meeting the current fraud challenges faced by today’s banks, but also ensures safe transactions in the future as real-time payments gain popularity and become more susceptible to sophisticated fraud schemes. Designed to grow and evolve alongside emerging fraud trends, DataVisor’s platform protects diverse use cases to support growth and better end-user experience by catching new and unknown fraud as it occurs. This partnership exemplifies our dedication to proactively combating emerging threats with AI-driven, modern technology, offering future proof solutions.”

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Experian offers an integrated digital identity and fraud risk platform that delivers analytics-driven outcomes through sophisticated orchestration. The IDC MarketScape report noted, “In addition to evaluating the transactional data for potential fraud, Experian’s CrossCore solution includes identity-authentication tools. The solution uses identity data, device intelligence, email and phone intelligence, alternative identity data, biometrics, behavioral biometrics, one-time passwords, and document verification to confirm identities and aid with identity protection, including synthetic identity protection. Experian utilizes multiple data partnerships in its fraud solution, which often can help provide a more comprehensive understanding of fraud risks and exposures.”

“Given the IDC MarketScape’s comprehensive evaluation of enterprise fraud vendors, we believe our recognition as a Leader highlights how our authenticated identity data and advanced out-of‑the-box analytics help enterprise-scale businesses protect their consumers and assets,” said Alex Lintner, Chief Executive Officer, Experian Software Solutions. “Our leadership in the fraud market reflects our cohesive approach to data, decisioning, fraud, and analytics to ensure we provide holistic solutions through world-class capabilities in each of the markets we serve.”

The IDC MarketScape evaluates how each vendor’s fraud detection and prevention technologies are delivered, their functionality, increases in market share, along with an assessment of the vendor’s innovation and overall research and development (R&D) strategy.

“Much of my IDC research with respect to Financial Crime Compliance has been focused on the concept of increasing integration in vendor solutions, reducing the ‘patchwork’ of solutions that can be challenging for users to integrate,” said Sean O’Malley, Research Director, IDC. “Experian’s Ascend platform is a significant step towards increasing integration in Financial Crime Compliance, especially when paired with technological tools, like artificial intelligence and machine learning, designed to increase automation, provide advanced analytics, and improve models.”

“Our aim with Experian’s fraud platform and our other enterprise offerings is to offer highly scalable solutions that evolve with our customers as they grow and provide them with agility in their fraud responses through a 360-degree view of consumer identity,” said Lintner.

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