Predicating the Fintech Growth Upon Simple Yet Effective Security Principles

Fingerprint, the world’s most accurate device intelligence platform, has officially announced a partnership with Oscilar, a trailblazer in AI-driven risk and fraud management, to help fintech companies achieve advanced fraud prevention and detection capabilities, while simultaneously ensuring a frictionless customer experience. Talk about what each of the partners can be expected to bring here, we begin from Fingerprint and its device intelligence platform. You see, the stated solution has made a name for itself by using proprietary Smart Signals to provide a unique identifier for every user touchpoint with up to 99.5% accuracy. Hence, given the efficiency promised, fintech companies should be able to make faster and more informed decisions in the context of their traffic. As for Oscilar, the company’s no-code, AI-powered platform has already been helping fintechs, banks, and credit unions fight fraud, non-compliance, credit risks, and other related things. With the technology aspect greatly simplified, this platform makes it possible for the stated clientele to quickly adapt, test, and deploy risk decisioning policies, thus minimizing their reliance on engineering resources. Having discussed their individual capabilities, we now must discuss the fact that, by coming together, the two companies will let users leverage Fingerprint’s device intelligence across various user flows in Oscilar’s platform so to prevent new account fraud, account takeover, and payment fraud.

“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.”

But what are some of the specific offerings presented by this partnership? Well, like we indicated there is a no-code/low-code and natural language based risk platform which will bear the responsibility to facilitate fast and easy deployment of risk models. It will do so to allow for companies to save engineering resources and integrate third-party data sources, such as Fingerprint, all with a single API. Next up, we have the promise of highly accurate device intelligence, including DeviceID and Smart Signals, and making the stated intelligence even more significant is the fact that it will be available for every stage of a customer’s journey. Joining these capabilities is completely automated risk decisioning with real-time insights, something which is going to assist fintechs, banks, and credit unions in reducing fraud, improving customer experience, and at the same time, speeding up operations by a significant degree.

The development under focus also delivers a rather interesting follow-up to one recent discovery, where it was claimed that an average US citizen of today uses between three to four different fintech apps. This naturally scales up their exposure to malicious attacks, and that is only reinforced through a separate projection. Basically, if we put our stock in the available data, cumulative online payment fraud losses are expected to breach $343 billion between 2023 and 2027.

“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.”