Latest news with #FraudPrevention
Finextra
29-05-2025
- Business
- Finextra
Sumsub introduces bank account verification across Europe
Sumsub, a global full-cycle verification platform, announces the launch of its Bank Account Verification solution. 0 The new solution instantly verifies customer account ownership, outstanding balance, and detailed transaction history, which enables businesses to prevent account takeover and payment fraud, assess user financial vulnerability and creditworthiness, and ensure compliance with key regulatory obligations, including those under PSD2 and AML/CTF frameworks. Sumsub's strategic partnership with Enable Banking leverages their advanced Open Banking infrastructure to power its Bank Account Verification tool. This collaboration provides seamless connectivity across Europe, ensuring secure, real-time access to verified financial data. With Sumsub's Bank Account Verification, users can securely share their financial institution data via the Open Banking infrastructure in 29 countries on a pan-European level. This process is seamlessly enabled through a simple bank account login that leverages Strong Customer Authentication (SCA) tools which have been implemented by banking institutions in virtually all EEA countries. By leveraging real-time verification of granular banking data that has already passed strict due diligence processes, businesses can make well-informed risk management decisions that allow them to prevent identity and financial fraud, streamline operations by eliminating document processing, and deliver a seamless user experience across the Fintech, iGaming, andE-commerce industries. Fraud is on the rise globally, with increasingly sophisticated methods like deepfakes gaining traction. According to recent data from Sumsub's Identity Fraud Report 2024, deepfakes accounted for 7% of global fraud attempts in 2024, marking a 4x increase from the previous year, including a staggering 118% surge in the UK. Europe, as the second worst region for ID fraud growth, saw a 150% increase, highlighting the escalating risks. With Juniper research projecting global Open Banking transaction values to surpass $330 billion by 2027, the opportunities for fraudsters are growing alongside the stakes for businesses. This reaffirms that robust verification and anti-fraud measures are more critical than ever. Key features and benefits: • Real-time account verification: Confirms bank account ownership, activity, and balance instantly. • Regulatory compliance: Ensures adherence to PSD2, AML/CTF, and enhanced due diligence (EDD) requirements. • Seamless integration: Easily integrates with client systems via API and SDK for smooth data transmission. • Secure and user-friendly: Employs encrypted connections and real-time presence verification to protect user data. • Comprehensive data validation: Verifies key financial metrics, including account activity, transaction history, and income details. Main use cases: • Payment method verification: Confirms bank account authenticity and ownership to ensure secure payment processing. • Compliance for high-risk transactions: Validates sources of funds and meets EDD standards for high-value financial activities. • Responsible lending: Supports income verification and credit risk assessment for lenders and financial institutions. • Age verification: Ensures compliance for age-restricted platforms such as iGaming and dating services. • Fraud prevention: Verifies account authenticity for secure transactions across fintech and payment platforms. 'With regulatory landscapes becoming more complex and sophisticated fraud threats emerging, businesses need verification solutions that are not only compliant but also frictionless. Our Bank Account Verification product offers businesses the tools they need to operate securely, scale confidently, and meet the demands of modern regulatory frameworks across Europe,' said Andrew Novoselsky, Chief Product Officer at Sumsub. 'At Sumsub, we are not only committed to helping businesses stay compliant but also mitigate the risks posed by fraudsters, ensuring that companies can confidently protect their users and operations in a risky digital landscape.' 'We are thrilled to power Sumsub's Bank Account Verification tool. Our mission is to facilitate innovative solutions through open banking, and this partnership exemplifies this. Our collaboration reaffirms our commitment to providing businesses with secure and seamless access to open banking data across Europe, said Sarah Häger, CCO at Enable Banking. 'By integrating our extensive banking connectivity into Sumsub's advanced platform, we are enabling them to offer an even more robust solution, empowering financial businesses to minimize fraud, and avoid money laundering.. We look forward to continuing our partnership with Sumsub and supporting their mission to deliver top-notch verification solutions.' Sumsub's Bank Account Verification seamlessly enables businesses to serve customers efficiently while fully meeting regulatory requirements. The system verifies account ownership and activity in real-time, extracting essential data, such as credit limit, remaining balance, latest transaction, and complete transaction history.
Zawya
21-05-2025
- Business
- Zawya
Mozn launches agentic AI for financial crime prevention
The latest additions to Mozn's Fraud Prevention and AML Compliance platform, FOCAL, deliver a specialized Agentic AI along with advanced Financial Crime Analytics capabilities to help institutions stay ahead of evolving fraud and AML compliance threats. UAE, Dubai – Mozn, a regional leader in enterprise AI technologies, has announced the addition of Agentic AI to its flagship FOCAL platform—at Seamless Middle East 2025 in Dubai. FOCAL's new Agentic AI leverages machine learning to streamline investigations, uncover hidden patterns, and deliver clear, explainable insights to accelerate decision-making. Mozn has also announced the addition of a new module, Financial Crime Analytics (FCA) to its FOCAL suite. FCA leverages AI and data science to connect with different sources of data from existing enterprise or financial crime prevention systems, consolidating insights into a single, intelligent view for streamlined financial crime detection and prevention. 'The launch of FOCAL's Agentic AI marks a bold step forward in our mission to outpace financial crime through innovation,' said Malik Alyousef, Co-founder and Chief Operating Officer at Mozn. 'Along with the introduction of FOCAL Financial Crime Analytics, institutions can now unify scattered data from across their financial crime systems into a single, intelligent view - enabling sharper insights, faster investigations, and smarter decisions. Combined, these new additions deliver AI-driven precision and real-time intelligence needed to stay ahead of evolving threats, strengthen compliance, and build lasting trust in the digital economy.' This continuous innovation is also being recognized across the industry. FOCAL's growing strength in AI-powered risk and compliance continues to gain industry-wide recognition. It was recently recognized as a Best-of-Breed solution by Chartis Research in Client Lifecycle Management (CLM) for wealth management, corporate and investment banking, a distinction that reinforces its leadership in financial crime prevention and compliance. In addition, FOCAL was also awarded Best AI Use in Regulatory Compliance by MEA Finance, honoring its real-time screening, AI-driven insights, and financial crime prevention capabilities, which redefine how institutions manage risk and meet regulatory obligations. For more information about Mozn's financial crime prevention solutions, visit Mozn | مزن About Mozn: Mozn is a Saudi technology company committed to advancing digital humanity through the harnessing of artificial intelligence to build enterprise AI-powered products – FOCAL, the end-to-end Fraud Prevention and AML Compliance platform and OSOS, the leading Arabic Gen AI platform – along with tailored AI solutions designed to meet the unique needs of enterprises across various sectors. Mozn maintains a significant presence, with offices in the Kingdom of Saudi Arabia (KSA) and the United Arab Emirates (UAE) that house over 300 dedicated professionals. Mozn is at the forefront of technological innovation, striving to redefine the limits of what is possible in the digital age.
Business Wire
24-04-2025
- Business
- Business Wire
Nacha Announces LexAlign as a Preferred Partner for Compliance and Risk and Fraud Prevention
RESTON, Va.--(BUSINESS WIRE)--Nacha announced today that LexAlign PBC is now a Preferred Partner for Compliance and Risk and Fraud Prevention. LexAlign provides compliance solutions designed to address risk and combat fraud in the payments industry. The LexAlign platform built for banks and their Originators automates the compliance audit process to address exposure to payments fraud and ensure adherence to the Nacha Rules and applicable laws. The platform enables banks to manage their exposure to Originator operations through data-driven scoring and analytics. 'Nacha continues to focus on strong risk management and fighting fraud, to keep the modern ACH Network safe and reliable,' said Jane Larimer, Nacha President and CEO. 'We are pleased to welcome LexAlign as our newest Nacha Preferred Partner.' 'The rise in credit-push fraud has riveted attention to the importance of Originator security and compliance with the Nacha Rules, as fraudsters exploit gaps in Originator operations. We created LexAlign to fortify the frontline by empowering Originator security and compliance, while providing data and scoring banks can use for proactive risk management, at scale,' said Trevor Lain, LexAlign Founder and CEO. 'We're honored to be a Nacha Preferred Partner as we work with banks to implement Nacha's new Risk Management Framework for the Era of Credit-Push Fraud.' Nacha's Preferred Partner Program is open to any technology solution provider whose offerings align with the Nacha strategy of advancing the ACH Network. For more information about the program, visit Nacha's Preferred Partner page. About Nacha Nacha governs the thriving ACH Network, the payment system that drives safe, smart, and fast Direct Deposits and Direct Payments with the capability to reach all U.S. bank and credit union accounts. There were 33.6 billion ACH Network payments made in 2024, valued at $86.2 trillion. Through problem-solving and consensus-building among diverse payment industry stakeholders, Nacha advances innovation and interoperability in the payments system. Nacha develops rules and standards, provides industry solutions, and delivers education, accreditation, and advisory services. About LexAlign Headquartered in Austin, Texas, LexAlign specializes in automating security and compliance audits for remote deposit, ACH, and wire transfers. The platform enhances customer security and compliance while helping banks prevent fraud, reduce fraud-related liabilities, and ensure adherence to federal laws and regulations, FFIEC guidance, and the Nacha Rules. By streamlining the audit process, LexAlign enables both banks and their clients to better manage risk and comply with the necessary legal and regulatory standards. To learn more, visit
