Finix’s Advanced Fraud Monitor integrates with its security suite via a customisable Sift console, offering merchants and payment facilitators a code-free solution to detect, monitor and prevent fraud.
With Advanced Fraud Monitor, businesses can implement AI-driven transaction safety solutions by conducting tests and simulations of fraud prevention before they are officially implemented.In addition to the pre-existent rulesets on the platform, users are able to create and apply their own additional rules to fit their specific needs and fraud prevention strategies without the use of code.
With this capability, customer transactions are screened by Finix’s fraud prevention rules and analysed by Sift’s machine learning models. These elements identify suspicious IP activity, known fraudulent emails and suspicious domains, in addition to checking for bank identification numbers and card testing. By leveraging these features, businesses of all sizes can better protect their transactions and funds without the need for a developer.
In October 2024, Sift announced updates on its account takeover (ATO) solution. As ATO attacks rose by 24% in Q2 2024 compared to the same period in 2023, traditional prevention methods, such as login-stage defences, have failed to prevent the attacks.Sift’s solutions for managing the situation include supporting existing customer identity access management, implementing advanced multi-factor authentication and session monitoring and incorporating AI-powered behaviour tracking features.
Sift provides AI-powered fraud prevention globally, offering solutions dependent on user data networks and machine learning processes.
Finix, partnering with Sift, aims to enhance the security of its customers’ transactions and build fraud prevention that is accessible to a diverse range of businesses, regardless of size or resources.
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