Protecting Zelle U.S. Mobile Payments
In this PayThink presentation, U.S. processor FIS talks about how they replaced an incumbent fraud prevention system with IBM Safer Payments.
In the video, U.S. processor FIS explains how in just 3 months they reduced mobile payment Zelle fraud by 75%. While, at the same time, reducing false alerts by 90%.
Fraud in mobile peer-to-peer type real-time payments is challenging on many fronts. Because payments are fast and can involve multiple steps, criminals can structure payments and smurf them through multiple accounts (splitting up large amount payments into smaller ones, and route them through different intermediate (mule) accounts to the target). Here, Safer Payments first determines the "true" originator and the "true" beneficiary of a payment in real-time. Without this first step, fraud prevention is near impossible. Safer Payments then profiles money flows between accounts identifying unusual behaviour of many different sorts.
If you like to see more details, please view the FIS presentation on their EMERALD annual user conference 2023 here.
