Unimarket and Finexio launch payment risk score for fraud prevention

The new tool is designed to address the increasing risks of payment fraud, providing enterprises with a method to assess and manage payment-related vulnerabilities and strengthen their Enterprise Risk Management (ERM) strategies.

With payment fraud affecting 80% of organisations in 2023, traditional methods of managing these risks are becoming less effective. Unimarket’s PRS aims to fill this gap by quantifying the risk levels of various payment methods, including checks, ACH transfers, virtual cards, and wire transfers. This approach allows companies to improve their financial safeguards and take proactive measures to reduce vulnerabilities.

By integrating PRS into existing ERM frameworks, businesses can transition from reactive risk management to a more proactive strategy. This advancement improves security and operational efficiency in payment processes, helping organisations better protect their financial assets and ensure compliance.

The Payment Risk Score marks a significant development in payment risk management, offering enterprises a powerful tool to enhance business resilience and optimise their payment operations in today’s complex digital environment.

Regulatory pressures

In today’s financial landscape, enterprises face stringent regulatory pressures designed to combat payment fraud and ensure data protection. Regulations such as the GDPR in Europe and the PCI DSS globally mandate rigorous controls for safeguarding sensitive financial information. Compliance with these standards is crucial for organisations to avoid hefty fines and reputational damage. As payment fraud becomes increasingly sophisticated, adhering to these regulations becomes a complex but essential task.

Unimarket’s Payment Risk Score (PRS) addresses these regulatory challenges by providing a sophisticated tool for assessing and managing payment risks. By quantifying the risk levels associated with various payment methods, the PRS helps organisations implement more effective controls and safeguards in line with regulatory requirements. This proactive approach supports compliance with anti-fraud regulations by enabling companies to detect vulnerabilities before they are exploited, thus minimising the risk of non-compliance and associated penalties.

Moreover, the PRS enhances an organisation’s ability to adhere to industry-specific standards like PCI DSS, which requires rigorous protection of cardholder data and secure payment processes. By integrating PRS into their risk management frameworks, businesses can more effectively monitor and mitigate risks related to payment fraud, ensuring that they meet the necessary compliance standards and protect their financial assets. This not only helps in maintaining regulatory compliance but also strengthens overall operational security.