Symcor launches Payee Verify solution

Authorised Push Payment (APP) fraud involves individuals being deceived into transferring funds to fraudulent accounts electronically. Addressing the escalating challenge of this type of fraud, Payee Verify relies on a combination of artificial intelligence and networked data to proactively detect fraudulent activities during account-to-account transfers. This proactive approach aims to protect customers from falling victim to APP scams by assessing potential risks associated with outgoing transactions in real time, thus mitigating the risk of fraudulent payments before they are processed. 

In the official press release, Symcor officials emphasised that Payee Verify enhances due diligence on the payee side in an effort to improve confidence in the financial marketplace. They also highlighted the exploitation of the rapid and often irreversible nature of account-to-account payments by fraudsters, who capitalise on the limited fraud protection available to individuals.

How does the new solution work? 

The solution seamlessly integrates into financial institutions’ existing payment infrastructure, aiding in the prevention of suspicious transactions from being processed. Its primary objective is to protect Canadians, particularly the elderly and vulnerable, from APP fraud, while enabling financial institutions to offer a seamless and positive customer experience. 

Symcor officials further underscored the company's commitment to supporting a secure and innovative financial ecosystem while mentioning that the introduction of Payee Verify underscores Symcor's dedication to addressing critical gaps in risk management. 

Having been in operation for over 25 years, Symcor is focusing its efforts on successfully aligning market participants to address common industry-wide challenges. The company also aims to offer efficient and scalable solutions that balance agility and security.