This partnership is aimed at enhancing security tools for banks, fintech companies, and communication service providers (CSPs). By joining forces, the companies are looking to address growing threats in the financial sector through a unified approach to fraud detection and prevention.
The collaboration leverages Ericsson’s expertise in mobile financial services with INFORM’s advanced risk management tools. The goal is to offer CSPs, banks, and fintech enterprises better protection against financial crime by providing them with cutting-edge fraud detection and prevention solutions.
This partnership signals a significant step in the evolution of Ericsson’s financial services, as it integrates advanced tools to manage the complex risks in today’s financial landscape. According to officials from Ericsson Mobile Financial Services, the joint effort with INFORM will help customers deal with increasingly sophisticated threats while securing their operations and supporting growth in a resilient environment.
Ericsson’s Mobile Financial Services platform supports more than 114 million active users in 24 countries, and it facilitates the deployment of services for digital wallet enterprises and digital banking providers. The partnership with INFORM aims to enhance the capabilities of this platform with real-time detection and prevention of financial crimes, significantly improving the security of the overall ecosystem.
Officials from INFORM emphasised that combining their advanced analytics and rule-making capabilities with Ericsson’s expertise in mobile financial services is expected to create a safer financial environment for customers globally.
In July 2024, INFORM announced that its financial crime and risk management solution, RiskShield, became fully compatible with EBA Clearing’s Fraud Pattern and Anomaly Detection (FPAD) initiative.
This development aligned RiskShield with the standards set by the European Banking Authority and the European Payment Council for fraud prevention and detection in payment services. The integration of FPAD's risk indicators and IBAN/Name check results into RiskShield enhanced its fraud prevention capabilities in real-time. This addition ensured that financial institutions using RiskShield benefited from advanced fraud detection measures, bolstering their defences against sophisticated fraudulent activities.
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