Financial services vendor FIS has announced that it has integrated IBM’s Safer Payments solution within its peer-to-peer (P2P) services to aid in the prevention of fraud, reports Alex Hamilton of Fintech Futures, Finovate’ sister publication.
With the IBM solution integrated, FIS believes its P2P services will be able to monitor high volumes of transactions and provide “real-time detection and decisioning” using artificial intelligence.
The vendor claims that since it first installed IBM’s solution it has seen a “significant” reduction in attempted and completed fraudulent transactions.
“Criminals are growing ever-more sophisticated in their methods for conducting payments fraud and they are increasingly targeting P2P services due to the growth in this market,” said Jim Johnson, head of Americas payments and wealth at FIS.
“FIS is excited to incorporate IBM Safer Payments to provide the highest level of fraud protection to our U.S. clients and their customers who rely on P2P services for fast, convenient payments.”
According to a 2018 PwC report, 53% of US companies were hit by fraud between 2016 and 2018, while 37% of companies reported losing more than $1 million as a result of it.
“FIS is taking aggressive steps to protect its clients against new and evolving threats in the industry,” said Michael Curry, vice president at IBM RegTech. “IBM Safer Payments uses artificial intelligence designed to deliver insights and to quickly adapt to a changing threat landscape. This technology is yielding successful results for FIS and some of the world’s largest and most complex payment portfolios.”
FIS most recently demoed at FinovateFall 2016. The company debuted its Cardless Cash solution that provides fast, secure options for sending and picking up cash at any ATM. Headquartered in Florida, FIS’ solutions move $9 trillion each year for 20,000 clients in 130 countries.
IBM’s IBM Trusteer demoed its new account fraud solution at FinovateEurope 2018.