The Galileo Payment Risk Platform targets every corner of the payments ecosystem by combining Galileo’s industry knowledge in fraud analytics and payments with DataVisor’s advanced AI technology and end-to-end fraud and risk management platform capability.
Expanded platform capabilities support debit and credit card transactions, ACH, as well as provisioning/onboarding to protect clients against a variety of payments fraud. Payment card fraud transactions are forecasted to rise 20% to USD 38.5 billion by 2027, as fraudsters continue to employ more sophisticated techniques, according to the press release.
Galileo’s officials stated that the new Payment Risk Platform was built to anticipate clients’ needs and meet the evolving demands of the payment risk environment. It is highly flexible and customisable to align with businesses’ needs, risk tolerance, and customer preferences.
Through their evolving platform, they continue to invest in protecting their clients with automated fraud mitigation technology that delivers rapid responses, intelligent decisioning, and tailored solutions through flexible APIs, Galileo’s representatives added.
Recent research by DataVisor shows that 75% of businesses believe developing better fraud detection processes is important. Launched in partnership with DataVisor, Galileo’s next gen fraud and risk platform provides a seamless, open-API integration while providing a dynamic risk management offering supported by machine learning technology to identify fraud patterns and proactively reduce fraud losses.
Galileo’s take on fraud mitigation focuses on combining the power of people, technology, and data with direct access to trained fraud analysts equipped to inform businesses’ card fraud mitigation strategies. Galileo and DataVisor’s technologies pinpoint operational and transactional fraud risks and can improve ROI through access to fraud intelligence derived from more than 100 million unique spend patterns.
Galileo is a leading financial technology company whose platform, open API technology and proven expertise enable fintechs, emerging and established brands to create differentiated financial solutions that expand the financial frontier. Galileo removes the complexity from payments and financial services innovation by providing flexible, open API building blocks and a secure, scalable, future-proof platform.
Trusted by digital banks, early-stage innovators, and enterprise clients alike, Galileo supports issuing physical and virtual payment cards, mobile push provisioning and more, across industries and geographies. Headquartered in Salt Lake City, Galileo has offices in Mexico City, New York City, San Francisco, and Seattle.
DataVisor is a fraud and risk management platform that enables organisations to respond to fast-evolving fraud attacks and mitigate risks as they happen in real time. Its comprehensive solution suite combines patented machine learning technology with native device intelligence and a powerful decision engine to provide protection for the entire customer lifecycle across industries and use cases.
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