According to the press release, the initiative is powered by RiskShield, an advanced risk-evaluation system developed by the German company, INFORM. Thanks to the technological partnership, SIA and INFORM are providing a fraud fighting infrastructure capable of analysing risks in real time for every payment transaction through a scoring engine.
Furthermore, by leveraging on INFORM’s RiskShield Risk-Based Authentication application, SIA is now able to offer a step-up verification service for suspicious ecommerce transactions, facilitating the payment process for low-risk activities as online purchases continue to increase with the COVID-19 pandemic. Therefore, the SIA and INFORM initiative aims to protect consumers from fraud when buying online and represents a step forward to comply with the new PSD2 mandatory requirements by the end of 2020.
Overall, the launch of this service for the European financial community further strengthens the relationship between SIA and INFORM started in 2015 and involving different application areas such as transaction monitoring, card fraud prevention and detection, watchlist screening, and application scoring.
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