Symcor, a leading Canadian business solutions provider, announced last week the launch of Payee Verify, a first-of-its-kind solution designed to combat Authorized Push Payment (APP) fraud.
APP scams deceive individuals into transferring funds electronically to fraudulent accounts. This growing threat erodes trust and loyalty within the financial sector, with projected losses due to APP fraud reaching a staggering $6.8 billion by 2027 across real-time payment markets globally.
Proactive Protection with AI and Networked Data
Symcor’s Payee Verify leverages a powerful combination of artificial intelligence (AI) and networked data to proactively detect fraudulent activities during account-to-account transfers. This real-time risk assessment helps safeguard customers from falling victim to APP scams by mitigating the risk of fraudulent payments before they are processed.
“Symcor’s Payee Verify strengthens consumer protection and bolsters confidence in the financial marketplace,” says Sanjeev Chib, Symcor’s Vice President of Digital Security Solutions. “By enhancing due diligence on the payee side, we address the vulnerabilities exploited by fraudsters who capitalize on the rapid and often irreversible nature of account-to-account payments.”
Seamless Integration and Widespread Benefits
Designed to seamlessly integrate with existing payment infrastructure, Payee Verify empowers financial institutions to prevent suspicious transactions and protect their customers, particularly vulnerable populations like the elderly. This proactive approach fosters a positive customer experience while safeguarding institutions from the costs and complexities associated with managing fraud investigations.
“Symcor has a long history of supporting financial institutions in fortifying their defenses against emerging fraud risks,” says Saba Shariff, Symcor’s Senior Vice President and Chief Strategy, Product & Innovation Officer. “The introduction of Payee Verify underscores our commitment to building a secure and innovative financial ecosystem. This real-time transaction monitoring solution empowers risk management teams with a powerful tool to proactively combat APP fraud.”
Symcor’s dedication to innovation and market understanding has positioned them as a leader in developing efficient and scalable solutions. Their COR.IQ suite of fraud management solutions reflects their commitment to addressing evolving industry challenges.
