Galileo Launches Instant Account Verification and Machine Learning Risk Score to Secure Financial Transactions Amid Escalating Cyber Threats
10 September 2024 - 2:00PM
Business Wire
New tools deliver real-time fraud detection for
fintechs, banks and businesses and maintain frictionless account
experiences for customers
Galileo Financial Technologies, a leading financial technology
company and a subsidiary of SoFi Technologies, Inc. (NASDAQ: SOFI),
is delivering fintechs, banks and businesses new ways to fight
fraud with the launch of Galileo Instant Verification Engine (GIVE)
and Transaction Risk GScore.
As digital transactions surge and cyber threats evolve, these
tools offer fintechs, financial institutions and businesses
advanced real-time fraud detection and risk management
capabilities, addressing an industry in which 63% of financial
firms reported an increase in fraud, with digital channels
contributing to half of the total fraud losses.
Galileo Instant Verification Engine
Galileo Instant Verification Engine (GIVE) provides real-time
verification of external bank accounts and ownership. Whether used
as a standalone product or integrated with the Galileo Payment Risk
Platform (PRP), GIVE delivers real-time insights that help
businesses prevent fraud by quickly verifying account existence,
status, and ownership before processing transactions.
GIVE is further enhanced by its integration with the Galileo
Payment Risk Platform, which uses a sophisticated Transaction
Decision Rules Engine. This engine applies customizable models,
rules and profiles to each transaction, allowing for real-time,
automated fraud prevention decisions tailored to the specific needs
and risk appetite of each business.
The key benefits of GIVE are:
- Instant Account Verification: GIVE instantly verifies
external bank account information, confirming its existence,
status, and risk signals. This enables Galileo clients to make
informed decisions when linking accounts or processing
transactions, such as determining account status and risk
associated with the account.
- Instant Identity Verification: GIVE ensures that only
authorized individuals can transact by verifying the ownership of
external bank accounts. It matches the account holder’s name and
personal information — such as social security number (SSN), date
of birth, and address — against the provided owner details, which
is particularly useful for preventing identity fraud.
- Account Risk Profiling: By leveraging machine learning,
the Galileo Instant Verification Engine generates risk scores that
assess the probability of ACH returns and non-sufficient funds
(NSF) issues, providing a comprehensive view of account
reliability. This enables businesses to predict funding issues and
take proactive measures to prevent them.
- Seamless User Experience: GIVE supports “me-to-anyone”
and “anyone-to-me” use cases without requiring customers to input
their credentials for external accounts, ensuring a frictionless
and secure transaction process.
The Galileo Instant Verification Engine significantly reduces
the risk of fraud by providing real-time verification of external
bank accounts and ownership, cutting verification times from days
to seconds. This minimizes customer drop-offs — reducing
abandonment rates from nearly 50% based on a traditional method
such as MDA (Micro-deposit Authentication) to as low as 1% — and
delivers a smoother, more reliable customer experience across
multiple channels, including ACH, FedNow, Wires and check
deposits.
Transaction Risk GScore
Transaction Risk GScore is a machine-learning-based risk score
that assesses the risk of card transactions in real time. By
analyzing multiple data points, such as user behavior and
transaction patterns, GScore enables financial institutions,
fintechs and businesses to detect and respond swiftly to potential
fraud, reducing losses and ensuring more efficient operations.
GScore supplements the existing enhanced capabilities in Payment
Risk Platform by adding a layer of fraud signals while allowing the
client to determine the risk appetite based on the multiple model
responses. GIVE and GScore are designed with scalability in mind,
ensuring they can grow alongside your business.
Whether transaction volumes increase or a company’s business
expands into new markets, these tools provide consistent protection
and seamlessly integrate with existing systems, minimizing
disruption while maximizing fraud detection. This feature gives
Galileo clients greater control over transaction validity, enabling
them to fine-tune fraud prevention measures to meet their specific
needs. GScore is available to clients using the Galileo Payment
Risk Platform.
Why GIVE and GScore Matter
The Galileo Instant Verification Engine and GScore empower
financial institutions, fintechs and businesses to navigate the
complexities of an increasingly digital financial landscape,
reducing fraud, improving operational efficiency, and delivering a
seamless customer experience across multiple payment channels.
"These tools represent the future of secure financial
transactions," said David Feuer, Chief Product Officer at Galileo
Financial Technologies. "By harnessing advanced machine learning
and real-time data, we're setting a new standard for how businesses
safeguard their customers and their operations."
For more information on how to integrate these fraud prevention
solutions, please visit
https://docs.galileo-ft.com/pro/docs/about-galileo-instant-verification-engine.
About Galileo Financial Technologies
Galileo Financial Technologies, LLC and certain of its
affiliates collectively comprise a financial technology company
owned and operated independently by SoFi Technologies, Inc.
(NASDAQ: SOFI) that enables fintechs, financial institutions, and
emerging and established brands to build differentiated financial
solutions that deliver exceptional, customer-centric experiences.
Through modern, open APIs, Galileo’s flexible, secure, scalable and
fully integrated platform drives innovation across payments and
financial services. Trusted by digital banking heavyweights,
early-stage innovators and enterprise clients alike, Galileo
supports issuing physical and virtual payment cards, mobile push
provisioning, tailored and differentiated financial products and
more, across industries and geographies.
©2024 Galileo Financial Technologies, LLC. All rights
reserved.
Galileo Financial Technologies, LLC is a technology company, not
a bank. Galileo partners with many issuing banks to provide banking
services in North and Latin America.
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Katie Boyless The Fletcher Group (404) 791-8245
katie@fletchergroupllc.com
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