Transaction intelligence provider Vyntra has unveiled its Payment App Protection, a solution developed to mitigate money mule activity and payment fraud in real time.
Launching the Payment App Protection solution follows an increase in mobile payment applications being used as channels for illicit activities, including peer-to-peer scams, fake goods listings, account takeovers, and social engineering attacks.
Detecting fraud and stopping illegal activities
By rolling out this new solution, Vyntra aims to facilitate an advanced approach to fraud detection across mobile payment ecosystems, thus working on mitigating the aforementioned issues. Payment App Protection merges customer data, transaction behaviour, and network-provided risk scores to identify fraud more accurately and efficiently.
The system enables immediate pre-authorisation checks, dynamically stopping rogue payees, fake merchants, and money mules before funds are released. Additionally, the solution maintains complete control for the bank or payment provider.
Furthermore, with the increase in secondhand marketplaces and instant money transfers, financial institutions and consumers face more vulnerabilities. At the same time, limited regulatory oversight and ineffective consumer protections and monitoring have led to payment apps being a target for bad actors.
By providing real-time visibility into risky transaction patterns and utilising collective intelligence across the financial network, Vyntra’s new solution aims to address these issues. Through its Community Scoring & Intelligence capability, it enables banks to benefit from fraud detections made elsewhere in the ecosystem, therefore scaling defences across the entire industry.
Vyntra also supports decreasing reputational risk for financial institutions by preventing mule activity and isolating accounts involved in rinsing schemes. In addition to this, the system detects and stops threats such as device enrolment compromise, advanced goods scams, and phoney QR-code fraud.
Talking about the launch, Yoann Vandendriessche, Chief Product Officer at Vyntra, added their company’s commitment to helping banks and payment providers act instantly against emerging fraud threats, enabling them to share intelligence securely and facilitate safer digital experiences for their customers.
