Championing Instant Payments But Minus the Risk

When push comes to shove, human beings have the ability to do a lot, and yet there is little we do better than growing on a consistent basis. This progressive approach, on our part, has already got the world to hit upon some huge milestones, with technology appearing as a major member of the stated group. The reason why technology enjoys such an esteemed stature among people is, by and large, predicated upon its skill-set, which ushered us towards a reality that nobody could have ever imagined otherwise. Nevertheless, if we look up close for a second, it will become clear how the whole runner was also very much inspired from the way we applied those skills across a real world environment. The latter component was, in fact, what gave the creation a spectrum-wide presence, and consequentially, kickstarted a tech revolution. Of course, this revolution then went on to scale up the human experience through some outright unique avenues, but even after achieving such a monumental feat, technology will somehow continue to produce the right goods. The same has grown increasingly evident over the recent past, and assuming one new fintech-themed development shakes out just like we envision, it will only make that trend bigger and better moving forward.

DataVisor, the world’s leading AI-powered fraud and risk platform, has officially announced the launch of its latest solution, which is designed to prevent instant payments fraud. According to certain reports, the stated solution banks upon rich account life-cycle signals, advanced machine learning techniques, and prebuilt rules for the purpose of informing you on real-time payments fraud scenarios. Apart from that, it also ropes in a powerful decision engine and graph-based investigation tools so to ensure maximum accuracy. Anyway, built upon an open SaaS platform, the solution is further able to scale up infinitely and enable financial institutions to act on fast-evolving fraud and money laundering activities as quickly as possible. That being said, how does the whole proposition actually looks on a more granular level? Well, for starters, DataVisor’s latest brainchild comes decked up with more than six pre-configured rulesets, hundreds of sophisticated rules and decision flows, including A2A, C2B, C2M, P2P, B2B, and B2C. Given the extensive parameters, it can quite seamlessly cover  various real-time payments fraud schemes, including account takeovers (ATO), business email compromise (BEC) scams, social engineering scams, and romance/elderly abuse. We referred to the way the product leverages machine learning to facilitate an intelligent fraud detection mechanism, but tell you what, there is so much more to it. You see, DataVisor’s Real-time Payments machine learning (ML) models include both supervised and unsupervised algorithms. In here, the company’s patented unsupervised algorithm deserves a special mention, considering it has the means to support more than 10,000 transactions per second (TPS) with less than 200 milliseconds latency. Such a capability, at least for now, makes it the only real-time production-grade solution to capture emerging fraud patterns on the fly boasting higher accuracy rates than the norm and lower false positives.

“DataVisor provides unparalleled security and peace of mind by protecting instant transactions, allowing financial institutions to confidently adopt real-time payments,” said Yinglian Xie, Co-founder and CEO at DataVisor. “In today’s digitalized world, it is imperative to proactively tackle fraud in real time, as it evolves, and our solution is uniquely positioned to accomplish just that – all while boasting high approval rates and limited customer friction that help boost the customer experience and increase revenue growth.”

Another detail which demands a deeper lowdown is rooted in those real-time payments frauds signals. Tested and proven in real-time payments domain, the stated signals bear the responsibility to identify suspicious behaviors such as abnormal velocity and out-of-pattern transactions. Moving on, DataVisor also works alongside different data sources, such as call center activities, login activity, and dark web data to provide the most fitting recommendation, recommendation which is based on a 360-degree view of each customer. Furthermore, while identifying a suspicious transaction, the platform can even request extra authentication methods, such as SMS in real time, and if there are still any concerns, it can put the transaction on hold as well.

The development in question provides an interesting follow-up to one report where it was claimed that the U.S. real-time payments market will grow at a compound annual rate of 10.12% from 2022 to 2027. However, with the technology’s speed making it harder for organizations to detect any fraudulent activity on time, the future of such payments remains uncertain. Luckily, this is exactly why DataVisor’s new solution becomes all the more crucial.