Financial institutions constantly face the problem of reducing fraud in approved transactions as bad customer experiences damage consumer loyalty and confidence. Losses from APP fraud are expected to reach an astounding $6.8 billion by 2027 across real-time payment markets, including the United States, United Kingdom, India, Australia, Brazil, and Saudi Arabia.1.

To prevent users from becoming victims of APP scams, Payee Verify proactively identifies fraudulent activity during account-to-account transfers by fusing artificial intelligence and networked data. Payee Verify reduces the possibility of fraudulent payments before they are processed by evaluating possible risks related to outbound transactions in real-time.

"By strengthening due diligence on the payee side, Symcor's Payee Verify protects consumers and builds confidence in the financial marketplace," explains Sanjeev Chib, vice president of digital security solutions at Symcor. "As fraudsters exploit the rapid and often irreversible nature of account-to-account payments, they capitalize on the limited fraud protection available to individuals who may not recognize the tactics used by malicious actors."

By smoothly integrating into the current payment infrastructure of financial institutions, Payee Verify will aid in preventing the processing of dubious transactions. The goal of the solution is to safeguard Canadians from APP fraud, especially the elderly and fragile, while also enabling financial institutions to offer their clients a smooth and satisfying experience.Financial organizations avoid protracted fraud investigations, uphold their clients' trust, and reduce the operational expenses related to handling fraud.

"With the COR.IQ suite of fraud management solutions, Symcor has been committed to helping financial institutions strengthen their defenses against emerging fraud risks for more than ten years," says Saba Shariff, SVP, Chief Strategy, Product & Innovation Officer at Symcor. "The launch of Payee Verify, a real-time transaction monitoring tool based on the industry's top fraud platform, demonstrates our steadfast dedication to promoting a safe and cutting-edge financial ecosystem. Payee Verify closes a significant gap in risk management by providing risk management teams with a powerful tool to aggressively stop Authorized Push Payment fraud."

Symcor has effectively brought market players together to address shared industry-wide concerns for more than 25 years. Symcor has the track record to adapt quickly to changing market demands and provides scalable, effective solutions that strike a compromise between client needs and desired agility.